Indonesia Leads Defaults as Bakries Face a Third: Asean Credit
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Indonesia’s Bakrie family is seeking to avoid a third default on its companies’ debt in 16 months as the nation accounts for 74 percent of dollar bond delinquencies in Southeast Asia since 2008.
Coal miner PT Bumi Resources wasn’t able to extend the maturity of $375 million of convertible bonds due in August by seven years because it didn’t have a quorum at a bondholder meeting in Singapore today, according to a regulatory filing to the stock exchange. The company, which was part of a failed venture between the Bakries and U.K. financier Nathaniel Rothschild, missed a June 5 coupon payment and said it probably can’t redeem the notes without the delay.