Indonesia’s Bakrie Telecom has offered creditors a mix of cash and debt-to-equity swaps in a restructuring plan that comes ahead of its network merger with local telco Smartfren.
The settlements will be divided among several creditors according to the…
Indonesia’s Bakrie Telecom has offered creditors a mix of cash and debt-to-equity swaps in a restructuring plan that comes ahead of its network merger with local telco Smartfren.
The settlements will be divided among several creditors according to the size of their claims, the company said in a brief stock exchange announcement.
It comes shortly after a court in Jakarta gave the group 30 days to negotiate a restructuring plan, following a petition from one of its creditors, vendor Netwave Multi Media, which is reportedly owed around US$385,400.
Meanwhile, Bakrie Telecom is reportedly being sued in the US by investors holding more than 25% of a US$380m bond after allegedly missing two interest payments.
Bakrie Telecom, which is part of the Bakrie Group conglomerate that has investments in industries ranging from oil and gas to property development, was unable to comment before the press deadline.
