07.01.2014 - Bumi sets aside $50-$100mln for mining maintenance
Bumi Resources, the biggest coal miner by production volume, has announced several debt restructuring plans via debt-for-equity swap deals with some its lenders, including China’s sovereign wealth fund the China Investment Corporation. Under that swap deal, CIC would convert up to $1.3 billion of Bumi’s debts into stakes in the coal miner’s assets and associated subsidiaries. Bumi seeks to cut annual interest expenses by $216 million. The plan suffered a setback last year after an extraordinary general meeting of shareholders in Jakarta failed to proceed with a voting on the CIC debt deal...............................................Full Article: Source
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