JAKARTA: Glencore International Plc, the minority shares bidder of PT Bakrie & Brothers in Bumi Plc, will face a new competitor for taking control the London-based investment manager.
London-based Sunday Times, as quoted from the official website yesterday, mentioned that the new competitor is one of the well-known tycoon groups in Indonesia.
Reportedly, the tycoon group also could takeover Bakrie's major shares in Bumi Plc and provides loan facility to pay off Bakrie’s debt.
A source stated Bakrie must discharge part of its shares in Bumi Plc as it has violated its US$1.35 billion debt agreement with several creditors including Credit Suisse Group AG.
“Now, creditors and Bakrie is negotiating to pay off the debt through a combination of refinancing, asset sales, and tenor extension,” the source said.
Consequently, Bakrie is now on default. However, Bakrie management declined such issue and said that it is now restructuring its US$597 million debt, Sunday Times reported. (t01/ags)
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