Indonesia’s Bakrie Family Gets Bumi Loan Default Notice, FT Says
Indonesia’s Bakrie family received a default notice from creditors on a $437 million loan after a drop in the shares of London-listed mining company Bumi Plc (BUMI) that guarantee the facility, the Financial Times reported.
Lenders led by Credit Suisse Group AG (CSGN) probably won’t demand repayment even if the family fails to increase collateral, the FT reported, citing people familiar with the deal.
The Bakries and Bumi Chairman Samin Tan together own 47.6 percent of Bumi, and the family’s financial woes contributed to the company’s 60 percent share fall over the past year, the newspaper said.
The shares were also hurt by the ousting last year of Bumi’s co-chairman, Nathaniel Rothschild, the FT said.
To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.