Indonesia’s Bakrie Telecom has been ordered by a local court to negotiate a restructuring plan with its creditors within 30 days, the telco said in a stock exchange filing.
The company, which recently agreed to merge its network with local telco…
Indonesia’s Bakrie Telecom has been ordered by a local court to negotiate a restructuring plan with its creditors within 30 days, the telco said in a stock exchange filing.
The company, which recently agreed to merge its network with local telco Smartfren, is reportedly being sued in the US by investors holding more than 25% of a US$380m bond due 2015, after allegedly missing two interest payments.
The Jakarta court’s ruling came after a petition from one of its local creditors, vendor Netwave Multi Media, which is reportedly owed around US$385,400.
Bakrie Telecom is part of the Bakrie Group conglomerate, which has investments in industries ranging from oil and gas to property development.
Bakrie Telecom’s merger deal will see it take a stake in Smartfren and rent capacity on its network.
Financial details were not disclosed.