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Bumi Resources Says Investors Approve $1.3 Billion CIC Debt Swap

PT Bumi Resources said shareholders approved a deal to settle a $1.3 billion debt with China Investment Corp. by swapping part of it for stakes in units of Indonesia’s largest thermal coal producer and extending the maturity of other principle owed.

The transfer of the shareholdings to the Chinese sovereign wealth fund will be completed this month, Bumi Finance Director Andrew Beckham told reporters after a meeting of shareholders in Jakarta yesterday. A total of 33.4 percent of shareholders were present at the meeting, said Suryo Bambang Sulisto, a commissioner at Bumi Resources. The company hasn’t announced the formal results of the vote to the Jakarta Stock Exchange.

Asia Resource Minerals Plc, the largest shareholder of PT Bumi, said Jan. 9 it would refrain from voting at the meeting because it is seeking to complete the sale of its holding in PT Bumi this month. The CIC deal is a “distressed exchange” that will only provide the company with short-term debt relief, Moody’s Investors Service said in an Oct. 10 statement, which said PT Bumi had a “high probability” of default.

Under the terms of the October deal, the company will transfer to CIC 42 percent of its stake in PT Bumi Resources Minerals and 19 percent of its holdings in PT Kaltim Prima Coal, PT Indocoal Resources and PT Indocoal Kaltim Resources, as well as $150 million of new shares in Bumi.

Indonesia’s Bakrie family has been battling with financier Nathaniel Rothschild for control of Asia Resource Minerals. In July, the London-listed company, formerly known as Bumi Plc, agreed to sell its 29.2 percent in Bumi Resources to the Bakrie Group.

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