As Indonesian King of debts and mines has lost its cash cow companies

As Indonesian King of debts and mines has lost its cash cow companies

23 20110304 VALLAR PLC – Closing of Bumi Transaction
29 20130508 0601 Nat Rothschild Rues ‘Terrible Mistake’ in Deal Gone Sour
11 20140322 2128 Akhir Kisah Petualangan Grup Bakrie di London
01 20140922 1444 Gagal Bayar Utang Sudah Biasa di Eks ‘Bakrie Tujuh’
02 20140616 0925 Tak Ada Lagi Nama Bakrie di Daftar Pemegang Saham ‘Bakrie Tujuh’
10 20140506 2059 Batal “Private Placement”, BUMI “Rights Issue” Rp 6,5 Triliun
02 20140508 Bumi Resources Rights Issue & Castleford
24 20140611 Bumi Resources avoids default
25 20140611 1248 Bumi Resources Avoids Default After Paying Coupon on Notes
26 20140612 1019 Bumi Avoids Default After Paying Coupon On Bonds
07 20140703 Jadwal Rights Issue IV BUMI / Bumi Resources Tbk 2014
03 20140704 RIGHT ISSUE MADE BUMI SHAREHOLDERS MEETING RUN HARD
03 20140922 1043 Tak Bisa Bayar Bunga Utang Rp 1 Triliun, Bakrie Sumatera Minta Nego
03 20140922 1114 Tak Bisa Bayar Bunga Utang Rp 1 T, Saham Gocap Bakrie Plantation Dibekukan
02 20140922 1217 Bakrie Sumatera Tak Bisa Bayar Utang Rp 1 T, Apa Kata Grup Bakrie?
01 20140923 1052 Saham Bakrie Sumatera Kembali Diperdagangkan, Harga Tetap Gocap
05 20140925 1131 Belum Lapor Hasil Rights Issue, Saham Tambang Bakrie Kena Suspen
01 20140925 1340 Tak Bisa Bayar Utang Rp 4 Triliun, Bakrie Telecom Digugat Investor di AS
12 20141005 1915 Bumi Resources Ungkap Alasan Batalkan Rights Issue
06 20141006 1132 Sepi Peminat, Rights Issue Tambang Bakrie Turun Jadi Rp 3,6 Triliun
04 20141006 1242 Punya Utang Rp 44 Triliun, Bagaimana Tambang Bakrie Membayarnya?
14 20141006 2125 Bumi Trims Size of Rights Issue After Creditors Refuse to Be Paid With Shares i
17 20141007 Bumi Resources seeks to renegotiate with creditors as rights issue failed to reach target
08 20141010 RIGHTS ISSUE SEPI PEMINAT BUMI MEMBURU UTANG
28 20141111 1054 UPDATE 1-Bumi Resources shares plunge after S&P cuts debt rating
20 20141204 1050 Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun
19 20141204 1134 (Sapa mo bantu?)Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun
22 20150522 0814 Bumi Resources Gets Five-Month Extension of Debt Moratorium
27 20150929 1137 Bumi resources seeks debt relief as $4bn burden gets heavy
21 20151005 1845 Bumi Resources aims to restructure debts
01 20160414 1624 Soal utang, BUMI bersengketa lagi
15 20160426 0259 PT BUMI Resources Tbk.
16 20160426 0536 Indonesian court orders suspension of Bumi’s debt payment obligations
18 20160426 0806 Indonesian court orders suspension of Bumi’s debt payment obligations
13 20160524 0936 Jalan Panjang Restrukturisasi BUMI
09 20160516 2116 BUMI TERGUNCANG


23 20110304 VALLAR PLC – Closing of Bumi Transaction
2016-07-04 10:04 PM
http://www.thefreelibrary.com/VALLAR+PLC+-+Closing+of+Bumi+Transaction.-a0250545252
VALLAR PLC – Closing of Bumi Transaction
PR Newswire UK Disclose http://www.thefreelibrary.com/PR+Newswire+UK+Disclose/2011/March/4-p52003
20110304

Citations:
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* Chicago style: The Free Library. S.v. VALLAR PLC – Closing of Bumi Transaction..” Retrieved Jul 04 2016 from http://www.thefreelibrary.com/VALLAR+PLC+-+Closing+of+Bumi+Transaction.-a0250545252
* APA style: VALLAR PLC – Closing of Bumi Transaction.. (n.d.) >The Free Library. (2014). Retrieved Jul 04 2016 from http://www.thefreelibrary.com/VALLAR+PLC+-+Closing+of+Bumi+Transaction.-a0250545252

Closing of Bumi Transaction
Vallar PLC (“Vallar” or the “Company”), 4 March 2011

Vallar is pleased to announce the closing of the Bumi Transaction and the assumption of control of PT Berau Coal Energy Tbk (“Berau”) through the arrangements with PT Bukit Mutiara (“Mutiara”) described in the prospectus published by Vallar on 24 February 2011.

Under the terms of the Bumi Transaction, Vallar (through its subsidiary, Vallar Investments UK Limited) has received a total of 5,193,350,000 shares in PT Bumi Resources Tbk (“Bumi”) from Bakrie & Brothers and Long Haul (together the “Bakrie Group”) and has issued 90,072,216 shares in Vallar to the Bakrie Group of which 28,861,172 are new Voting Ordinary Shares and 61,211,044 are new Suspended Voting Ordinary Shares.

Applications have been made to the UK Listing Authority for 28,861,172 new Voting Ordinary Shares to be admitted to the standard listing segment of the Official List of the UK Listing Authority and to London Stock Exchange plc for 28,861,172 new Voting Ordinary Shares to be admitted to trading on the London Stock Exchange’s main market for listed securities (together, “Admission”). It is expected Admission will become effective, and that dealings will commence at 8.00 a.m. on Monday, 7 March 2011.

After the expiry of the BCE Lock-up on or around 8 April 2011, Mutiara is expected to transfer title to, and registered ownership of, a total of 26,175,000,000 shares in Berau to the Vallar Group. At this time, Vallar will issue 52,297,680 New Vallar Ordinary Shares, of which 27,772,829 will be New Vallar Voting Ordinary Shares issued to Mutiara and 24,524,851 will be Suspended Voting Ordinary Shares issued directly to Long Haul pursuant to the Mutiara Share Transaction Arrangements.

As part of the Berau Transaction Vallar also agreed to pay US$739 million in cash consideration for 35 per cent. of Berau. Of this amount, approximately US$639 million was paid to Mutiara on 18 November 2010 and, following the closing of the Bumi Resources Transaction, the balance will be released shortly to Bumi Resources from an escrow arrangement.

On completion of the Acquisition on or around 8 April 2011, the Bakrie Group will own 40,763,812 Voting Ordinary Shares (representing 29.9 per cent. of Vallar’s voting share capital) and 73,833,255 Suspended Voting Ordinary Shares (representing, in aggregate, approximately 54.6 per cent. of Vallar’s issued share capital) and Mutiara will own 27,772,829 Voting Ordinary Shares (representing approximately 20.4 per cent. of Vallar’s voting share capital and approximately 13.2 per cent. of Vallar’s issued share capital).

For the purposes of the Financial Services Authority’s Disclosure and Transparency Rules, following the closing of the Bumi Resources Transaction which occurred today, the total number of voting rights in the Company is 96,203,908. The total number of Ordinary Shares is 157,414,952 (of which 96,203,908 are Voting Ordinary Shares and 61,211,044 are Suspended Voting Ordinary Shares).

The above total voting rights figure of 96,203,908 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the voting rights of the Company, under the Disclosure and Transparency Rules.

Capitalised terms not otherwise defined in this announcement have the meanings given to them in the Prospectus.

For further information, please contact:
Vallar: 01534 728 235
J.P. Morgan Cazenove: 020 7588 2828
Ian Hannam
James Taylor
Finsbury: 020 7251 3801
Ed Simpkins
Clare Hunt

This announcement has been issued by and is the sole responsibility of the Company.

This announcement is an advertisement and not a prospectus and you should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the prospectus (the “Prospectus”) published by Vallar on 24 February 2011 in connection with the admission and proposed admission of certainofits ordinary shares to the standard listing segment of the Official List of the Financial Services Authority and to trading on London Stock Exchange plc’smain market as more particularly described in the Prospectus.Copies of the Prospectus areavailable for inspection at the Company’s registered officeat 12 Castle Street, St. Helier, Jersey JE2 3RT.

J.P. Morgan plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) (“J.P. Morgan Cazenove”), which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Acquisition and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to clients of J.P. Morgan Cazenove.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of, any securities.

The securities of the Company referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless they are registered with the U.S. Securities and Exchange Commission or an exemption from the registration requirements of the Securities Act is available.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security, therefore this announcement does not constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market.


29 20130508 0601 Nat Rothschild Rues ‘Terrible Mistake’ in Deal Gone Sour
2016-07-04 10:16 PM
http://www.bloomberg.com/news/articles/2013-05-07/nat-rothschild-rues-terrible-mistake-in-deal-gone-sour
Nat Rothschild Rues ‘Terrible Mistake’ in Deal Gone Sour
Jeremy Kahn and William Mellor
Bloomberg Markets Magazine
May 8, 2013 – 6:01 AM WIB

After creating the coal-mining giant Bumi Plc with the Bakrie family of Indonesia, Rothschild fell out with his partners in an ugly boardroom brawl that left few reputations, including Rothschild’s, unscathed. Photographer: Jason Alden/Bloomberg

Nat Rothschild, dressed in a hooded sweater, jeans and hiking boots, perches on a cowhide sofa in his relatively modest chalet-style apartment in the Swiss ski resort of Klosters.

He recalls the fateful day in October 2010 when, as he scanned the globe for business opportunities, he first heard the word Bumi, Bloomberg Markets will report in its June issue.

Ian Hannam, a well-known JPMorgan Chase & Co. investment banker, had e-mailed Rothschild suggesting he look at two coal companies, including PT Bumi Resources, linked to the Bakrie family, a powerful Indonesian business dynasty.

“He said it was the best deal he had ever seen in his life,” Rothschild says.

Hannam’s approach was the first step down a path that would lead to an ugly boardroom brawl pitting Rothschild against the Bakries. As it unfolded, the clash would see the two sides trading claims of e-mail hacking, bad faith and fraud. It would leave few reputations, including Rothschild’s, unscathed.

“I am the first to admit we made a terrible mistake,” Rothschild, 41, says of his decision to partner with the Bakries.

It’s early March as he speaks. Two weeks earlier, Rothschild had lost a critical shareholder vote he had hoped would put him back in control of the company he and the Bakries had created, Bumi Plc. Although defeated, he still holds 18 percent of Bumi’s shares and says he’s not giving up the fight.

“The board needs to have their feet held to a fire,” he says.

Stomach-Churning Twists

The wild ride for investors — many hit by losses of 75 percent — may have yet more stomach-churning twists, with Bumi under the effective control of an Indonesian tycoon who rode to the Bakries’ rescue.

Samin Tan, 49, is the polar opposite of the aristocratic Rothschild: a village boy-turned-billionaire who didn’t see a car until he was 15 and says self-deprecatingly that he neither fully understands U.K.-style corporate governance nor enjoys visiting London because each trip means enduring 13 hours inside a plane without a cigarette.

Nathaniel Rothschild, scion of a family synonymous with financial success, is the youngest of four children of Jacob, the 4th Baron Rothschild, 77, who heads RIT Capital Partners Plc, which managed 2 billion pounds ($3.1 billion) as of March 31.

‘Boring Life’

At the University of Oxford, Nat acquired a party-boy image that would haunt him throughout his 20s. Rothschild, who’s dating a 22-year-old model, Daisy Cummings, doesn’t drink or smoke these days and generally is in bed by 9:30 p.m.

“I lead a very boring life,” he says.

Rothschild’s professional life has been anything but boring.

He joined Atticus Capital LLC, a New York-based hedge-fund firm, in 1996 as an equity partner and became co-chairman in 2005. At its 2007 peak, Atticus managed more than $20 billion. The firm disbanded in 2009 following the global financial crisis.

From 2005 to 2011, Rothschild also served as chairman of Russian billionaire Oleg Deripaska’s En+ Group, the holding company for the oligarch’s controlling stake in United Co. Rusal, the world’s biggest aluminum producer.

His most daring financial play — the one that would come back to haunt him — came in July 2010, when he raised 707 million pounds on the London Stock Exchange for a company with no operating assets.

Gulfstream G550

Vallar Plc was a blank-check company, so-called because that’s what investors give the founders: In Rothschild’s case, he merely promised to use the proceeds from Vallar’s initial public offering to buy mining assets within two years subject to the approval of the independent board of directors.

Putting his reputation and 92 million pounds of his own money on the line, Rothschild jetted around the globe in his Gulfstream G550 soliciting investors for the IPO. Many big institutions signed on, including Abu Dhabi Investment Council and Schroders Plc.

When Hannam, 57, drew his attention to the Bakries, Rothschild knew little about the family, whose wealth dates back to their days as traders starting in 1942, when Indonesia was a Dutch colony.

Achmad Bakrie, who died in 1988, and later his eldest son, Aburizal, now 66, built a politically connected empire spanning steel, plantations, real estate and telecommunications. They were among the few ethnic Indonesian tycoons in a crony economy dominated by businessmen of Chinese descent.

Opaque Transactions

The 1997 Asian financial crisis rocked the Bakries. Laden with $1.3 billion in debt, Aburizal gave away 97.5 percent of his empire to creditors, his son, Anindya, 39, says. Then, as the Indonesian economy rebounded, so did the Bakrie companies.

By June 12, 2008, they accounted for 15 percent of the market value of the Jakarta exchange, according to data compiled by Bloomberg. Aburizal also solidified his political power, holding cabinet posts from 2004 to 2009.

What hadn’t changed was the Bakries’ dependence on debt or their predilection for cross-holdings and other opaque transactions that turned off many foreign investors, says Mirza Baig, founder of Hyderabad, India-based Hikma Governance Consulting, which advises institutions on investments throughout Asia.

Bakries’ Woes

In October 2008, during the height of the global banking crisis, shares in PT Bumi Resources were suspended by the Jakarta stock exchange for a month after they plunged 32 percent in one day. Bumi Resources secured a $1.9 billion loan from China Investment Corp., the Chinese sovereign wealth fund, on which it paid annual interest of 19 percent in 2009.

For the Bakries, what made the Rothschild deal so attractive was access to London’s established capital markets, says Bakrie Group spokesman Chris Fong.

For Rothschild, the Bakries’ woes were part of the deal’s appeal.

He could acquire stakes in Bumi Resources and a second Bakrie-linked company, PT Berau Coal Energy, through Vallar’s London-listed holding structure. Given the U.K.’s reputedly superior corporate governance rules, Rothschild says, he reckoned investors would be willing to pay higher multiples for the London-listed company than for the underlying Indonesian assets.

Star Asset

Rothschild says he was also convinced by Hannam that the Bakries wanted to improve their image ahead of the 2014 Indonesian presidential election, in which Aburizal is a candidate. Combining the Bumi Resources and Berau stakes under the Bumi Plc umbrella would create a mining giant just as China’s demand for coal-generated power seemed insatiable.

The deal came together fast — perhaps too fast. Less than three weeks after Hannam’s e-mail, Rothschild met Nirwan Bakrie, one of Aburizal’s younger brothers, in Los Angeles and shook hands on the transaction.

Three weeks later, he flew to Singapore to formalize the $3 billion deal. Only then did Rothschild personally visit the island of Borneo to inspect his new company’s star asset, Bumi Resources-owned PT Kaltim Prima Coal, one of the world’s largest sources of coal for power generation.

The deal eventually gave Rothschild’s Vallar 29 percent of Bumi Resources and 85 percent of Berau. The Bakries got 55 percent of Vallar.

Due Diligence

An Indonesian with ties to the Bakries, Rosan Roeslani, who had been the majority shareholder in Berau, got 13 percent of Vallar. Rothschild was left holding 3.6 percent of Vallar, although he remained co-chairman alongside Indra Bakrie, another younger brother of Aburizal. Vallar was then renamed Bumi Plc.

How much due diligence was done — and by whom — is the subject of heated debate. In a January statement, Bumi said Vallar Advisers LP, Rothschild’s management company, was responsible for vetting the two Indonesian companies.

Rothschild says Vallar Advisers relied on 50 different experts and consultants who pored over thousands of documents, including prospectuses from Berau’s August 2010 Indonesian IPO and a September 2010 U.S. bond issue for Bumi Resources, both of which were marketed by Credit Suisse Group AG and JPMorgan.

“The mistake we made was relying far too much on the supposed relationship that Hannam and JPMorgan had with the Bakries,” says Rothschild, who had boasted that Bumi investors would double their money.

Successful Debut

In response to e-mailed questions, a spokesman for Hannam, who no longer works at JPMorgan, says that by early 2011, Hannam was under investigation by the U.K. Financial Services Authority over an unrelated deal. Because of this, his work on the Vallar-Bumi merger was overseen by others. Hannam, who was fined by the FSA, has appealed the case. Credit Suisse and JPMorgan declined to comment.

Investor Mark Mobius says Rothschild should have known better.

“I was shocked that Rothschild would get into such a venture,” says Mobius, who oversees $50 billion at Templeton Emerging Markets Group. “I am not saying the Bakries have done anything wrong, but given their history of corporate governance, I was surprised.”

At first, Bumi Plc seemed to be a success. Having debuted at 10 pounds the previous July, the shares hit 14 pounds in April 2011. That spring, the Bakries pledged their Bumi shares as collateral for a $1.35 billion loan from Credit Suisse and other lenders.

Coal Price

A coal company’s fate, however, is forever linked to the price of coal. After peaking at $138.50 a ton in January 2011, the price of thermal coal at Australia’s Newcastle port, a benchmark for Asia, slid to $122 by September that year as growth in China, the biggest consumer, slowed.

Bumi’s shares, meanwhile, fell almost 30 percent from their April peak. When they crossed 8.50 pounds in early October 2011, the Bakries faced a margin call on the $1.35 billion loan, according to a Bumi statement. Bumi Resources also faced pressure to reduce interest payments on its $1.9 billion loan from CIC.

As Bumi shareholder concern increased that the Bakries might sell their shares, Ari Hudaya, a Bakrie lieutenant who was Bumi’s CEO, stopped attending board meetings.

“We were told he was too ill to travel,” says Julian Horn-Smith, Bumi’s senior independent director.

Rothschild says he became convinced Hudaya was ducking the board. Bakrie spokesman Fong says Hudaya was indeed sick. In early April, Hudaya was outside Indonesia seeking medical treatment and unavailable to comment for this story, Fong says.

Suspicious Transactions

Rothschild says he became alarmed about $1 billion worth of suspicious transactions at Bumi Resources and Berau.

These included spending on an iron ore mine in Mauritania and an oil field in Yemen, neither of which was producing. In December 2011, Bumi would write these assets off completely after auditor PricewaterhouseCoopers LLP said it couldn’t confirm their valuation.

Bumi Resources had also given Roeslani’s company, PT Recapital Advisors, $500 million in investments and loans, and then allowed Recapital to delay repayment, according to Bumi Resources financial filings in Indonesia.

Rothschild says that when he brought his concerns to Bumi’s board, the independent directors — all of whom he had appointed — refused to act.

“They were like deer in the headlights,” he says.

Business Decision

Horn-Smith, one of those appointees, says the board shared Rothschild’s concerns and immediately consulted lawyers and accountants. As of April 8, Roeslani’s companies hadn’t returned the money.

After initially agreeing to be interviewed, Roeslani didn’t return follow-up calls. (Roeslani is an investor in PT Idea Karya Indonesia. PT Idea and Bloomberg LP are partners in Bloomberg Television’s Indonesian-language service.)

Enter Tan, a former tax accountant who made a fortune when a coal mining company he controlled, PT Borneo Lumbung Energi & Metal, went public in Jakarta in 2010.

Tan says he has known the Bakries since his days as a tax consultant. In November 2011, when Credit Suisse called the Bakries’ loan, Tan borrowed $1 billion from Standard Chartered Plc and bought half of the family’s Bumi stake. Tan says it was a business decision, not a friendly helping hand.

“We earn our own money; we make our own decisions,” he says over lunch in his headquarters overlooking Jakarta’s National Monument.

‘Relationship Breakdown’

In retrospect, Tan acknowledges two mistakes.

“We did not expect the coal price would collapse,” he says. “Secondly, we have underestimated the level of the relationship breakdown between the Bakries and Nat.”

On Nov. 8, 2011, the same day Bumi Resources announced that, thanks to Tan’s intervention, it had repaid $600 million of its CIC loan, Rothschild wrote to Bumi CEO Hudaya. The letter cited alleged accounting irregularities at Bumi Resources and Berau and called on Hudaya to clean up the balance sheets and corporate cultures at both companies.

Then, Rothschild says, he leaked his own letter to the Financial Times. Fong says Rothschild was trying to drive down Bumi’s share price so he could buy the Bakries out. Rothschild denies this.

Either way, the letter amounted to a declaration of war. Tan says he warned Rothschild about his confrontational approach.

“I told him his style doesn’t work in Indonesia,” Tan says.

‘Asian Toughies’

Non-Indonesians agreed.

“Nat is a very good friend of mine, but he does tend to go straight into the wall head down hoping the wall will break,” says Simon Murray, chairman of commodities giant Glencore International Plc and an old Asia hand. “You particularly don’t do what he did to a bunch of Asian toughies.”

Meanwhile, the price of coal kept falling, dropping below $90 a ton in June 2012. By then, Bumi’s stock had slid 64 percent since the start of the year.

In September, Rothschild presented the board with hundreds of documents alleging accounting irregularities at Bumi Resources, its PT Bumi Resources Minerals subsidiary and Berau.

Rothschild says the documents also show Tan was aware of the irregularities and had sought a side deal with the Bakries to protect Borneo Lumbung. Tan says there was no such deal and denies hiding anything from the board.

Whistle-Blower’s Identity

Rothschild says the documents came unsolicited from a whistle-blower, whose identity he won’t reveal. The Bumi board handed them to regulators and police in London and Jakarta and appointed London law firm Macfarlanes LLP to investigate. The day the board announced those moves, Bumi’s stock fell 25 percent and Hudaya resigned.

All the while, Rothschild was losing board support. During a fiery October board meeting at the Mandarin Oriental hotel in Singapore, the Bakries proposed buying back all of Bumi’s mining assets, according to four people who were there. Rothschild, surprised by the proposal, hurled invective at both Tan and Robin Renwick, head of Bumi’s audit committee.

Afterward, Tan and Renwick wrote to Horn-Smith, threatening to resign unless Rothschild, who had already relinquished the co-chairmanship, left the board entirely.

On Oct. 15, Rothschild obliged. He then began assembling a 270 pounds million bid to regain control of Bumi and proposed that a slate of his own candidates, including himself, replace Tan, who had become Bumi’s chairman, and almost all of the directors.

‘Nothing Wrong’

The existing board had a different plan: to divorce Bumi Plc from the Bakries, who would pay $278 million in cash and surrender their Bumi shares to buy back Bumi Plc’s stake in Bumi Resources, leaving Bumi with the smaller Berau.

Bumi Plc set a shareholder meeting for late February to vote on Rothschild’s proposal. The Bakries said that they would not agree to any separation if Rothschild won the vote.

In January, Bumi announced that Macfarlanes found circumstantial evidence to support some of the claims in the alleged whistle-blower documents. Bumi also said that technical analysis by an undisclosed firm determined that many documents had been obtained through e-mail hacking. (“I’ve done nothing wrong,” Rothschild says. Of the whistle-blower, he says, “The question of the provenance of the documents was for the whistle-blower, not for me.” He says he put Macfarlanes in touch with the whistle-blower’s lawyers.)

The board declined to release the full report, saying Indonesian law forbids publication of information obtained by hacking. Rothschild says that the shareholders’ interest in the report’s contents should be paramount.

Martial Atmosphere

On Feb. 21, Bumi Plc shareholders gathered to vote on Rothschild’s package of proposals at the headquarters of the Honourable Artillery Company, a British army reserve regiment.

The armor and muskets on the walls created an appropriately martial atmosphere. Rothschild strode briskly into the room accompanied by his mother, Serena Rothschild, also a shareholder.

“She adores me, and she wanted to come,” Rothschild says.

In the end, 19 of Rothschild’s 22 proposals were voted down. He did succeed in kicking off two Bakrie-affiliated directors and installing one from his slate.

Bumi’s ultimate fate remains unclear. On April 12, Bumi announced that after investigating Berau’s financial statements, it found $94 million in questionable expenditures. A week later, trading in Bumi’s shares was suspended after the company said it could not meet an April 30 deadline for publishing 2012 annual results.

Haunting Saga

Rothschild claims the Bakries, who paid a $50 million deposit, don’t have the remaining $228 million to complete the separation deal. Anindya Bakrie says the family does have sufficient funds.

Whatever the case, gone for now is the dream of Bumi becoming a global coal colossus.

Meanwhile, the Bumi saga haunts the City of London at a time when companies from emerging markets are seeking respectable footholds.

“Bumi shows that good governance is not about form; it is about culture,” says Hikma’s Baig. “Bumi Plc’s policies and controls were pasted on top, but they had no real impact — or even insight — into what was happening at the operational level.”

After his defeat at the Honourable Artillery Company, Rothschild retreated to Klosters. With morning sunlight glinting off Alpine summits and streaming into his living room, he isn’t in a self-flagellating mood.

“I’ve had a lot of luck in my life,” he says. “This time, I got unlucky.”

While he disputes the notion that Bumi has ruined his ability to raise money in London, he says he’s not rushing into another deal. Pocketing his BlackBerry, he heads out to hit the ski slopes.


11 20140322 2128 Akhir Kisah Petualangan Grup Bakrie di London
2016-07-04 09:38 PM
http://bisniskeuangan.kompas.com/read/2014/03/22/2128052/Akhir.Kisah.Petualangan.Grup.Bakrie.di.London?utm_source=RD&utm_medium=box&utm_campaign=Kaitrd
Akhir Kisah Petualangan Grup Bakrie di London
Yuwono Triatmodjo, Barly Haliem, Veri Nurhansyah Tragistina
KONTAN, Sabtu, 22 Maret 2014 | 21:28 WIB
Editor : Erlangga Djumena

JAKARTA, KOMPAS.com – Drama Bumi Plc yang kini bernama Asia Resources Minerals (ARM), memasuki babak akhir. Grup Bakrie, investor pendiri ARM, perlu setahun lebih untuk memisahkan diri dari perkongsiannya dengan taipan Inggris, Nathaniel Rothschild.

Akankah kisah ini berakhir happy ending atau justru sebaliknya? Entahlah. Nirwan Dermawan Bakrie, petinggi Grup Bakrie, hanya menyatakan kelegaannya. “Alhamdulillah, transaksi sudah selesai,” ungkap Nirwan seperti dikutip KONTAN, Jumat (21/3/2014).

Dia menyatakan, nyaris semua urusan sudah tuntas, termasuk pembayarannya. Kini, ia tinggal menyelesaikan beberapa dokumen transaksi pemisahan (separation transaction). “Mungkin malam ini (tadi malam), semua selesai,” tandas Nirwan.

Nah, konsekuensi pemisahan ini, Grup Bakrie bisa memboyong lagi 29,2 persen saham PT Bumi Resources Tbk (BUMI) dari tangan ARM. Tapi, Grup Bakrie berkewajiban menyetor 501 juta dollar AS atau Rp 5,71 triliun (kurs 1dollar AS= Rp 11.500).

Manajemen ARM menyatakan optimismenya bahwa transaksi pemisahan ini segera tuntas dalam sepekan ke depan. Berdasarkan pengumuman resmi ARM yang terbit Jumat malam (21/3/2014), manajemen ARM menyatakan, Grup Bakrie telah mentransfer seluruh dana transaksi ini. Seluruh dana tersebut sudah tertampung dalam rekening khusus (escrow account).

Namun, lantaran terhalang libur akhir pekan, kemungkinan besar proses pencairannya akan berlangsung pada Senin (24/3/2014). “Oleh karena itu, ARM menyetujui perpanjangan perjanjian jual beli saham BUMI sampai Selasa, 24 Maret 2014, dan mudah-mudahan semua tuntas pada Senin (24/3/2014) atau paling lambat Selasa (25/4/2014),” tulis manajamen ARM dalam rilis yang diterima KONTAN, Jumat (21/3/2014) tengah malam.

Semula, kesanggupan Grup Bakrie mengakhiri transaksi ini memang sempat diragukan. Maklum, ia meminta penundaan penyelesaian transaksi sampai lima kali. Grup usaha ini menyatakan perlu waktu untuk menyediakan 501 juta dollar AS sebagai mahar atas 29,2 persen saham BUMI.

Penundaan itu boleh dibilang pilihan yang paling rasional yang bisa dilakukan oleh Grup Bakrie. Sebab, valuasi harga saham BUMI yang harus dibayarkan Grup Bakrie jauh di atas nilai wajar sahamnya.

Bayangkan, setahun terakhir, harga saham BUMI turun sekitar 61,5 persen. Pada 20 Maret 2013, harga BUMI berada di posisi Rp 780 per saham. Per 21 Maret 2014, harga saham perusahaan pertambangan batubara terbesar di Indonesia ini kurang dari setengahnya menjadi Rp 300 per saham.

Menurut hitungan ARM, nilai buku 29,2 persen saham BUMI per 31 Desember 2013 hanya 372 juta dollar AS. Kini, valuasi 29,2 persen saham BUMI juga setara atau sekitar 372 juta dollar AS. Sementara Grup Bakrie harus menebusnya senilai 501 juta dollar AS.

Di atas kertas, Grup Bakrie harus menombok sekitar 129 juta dollar AS atau sekitar Rp 1,5 triliun. Dari mana menutup kekurangan itu, sementara nyaris semua bisnis Grup Bakrie sedang muram.

Boleh jadi, alasan itulah yang membuat Grup Bakrie yang dikomandoi Nirwan harus mengatur siasat dan mengeluarkan jurus manuver mencengangkan; menjual 23,8 persen saham ARM kepada Ravenwood Acquisition Company Limited (RACL) milik Samin Tan senilai 223 juta dollar AS. Setidaknya jurus sakti ini efektif menyiasati kekurangan pendanaan tersebut.

Tentu saja, penyelesaian transaksi ini masih meninggalkan sejumlah jejak, yang bisa jadi akan menjadi kisah baru yang tak kalah seru. Termasuk, benarkah Grup Bakrie sudah mengubur dalam-dalam semua impiannya di bursa London dan mengikhlaskan ARM berada di bawah kendali Rothschild? Apakah semua urusan ARM memang sekarang murni dipanggul Samin Tan, salah satu kolega dekat Grup Bakrie? Sejauh ini, semuanya masih misterius.

Satu hal lagi, taruh kata semua transaksi ini tuntas pekan ini dan Grup Bakrie kembali memboyong BUMI ke Tanah Air. Akankah akhir drama itu juga membawa ending membahagiakan bagi investor ritel BUMI di bursa saham Tanah Air? Sekali lagi, semuanya masih misterius.


BUMI-AI-KPC
2016-07-04 12:08 AM
indonesia_coal.pdf

AI
Arutmin was established in Indonesia on 31 October 1981 as a joint venture between Atlantic Richfield Company and Utah Exploration for the purpose of developing coal deposits in south-east Kalimantan.
BHP Billiton (“BHP”) acquired a 100% stake in the company, 50% in 1983 and 50% in 1986. Arutmin’s concession extends to 2019 and covers a 70,153 hectare area. As of 31 March 2005, Arutmin had 391 employees, eight of whom are expatriates.
Production commenced at Arutmin’s Senakin Mine in 1988 and at its Satui Mine in 1990. The two mines ramped up to commercial output levels following the completion of Arutmin’s two coal preparation plants in 1991 and 1992 and the completion of its main coal terminal (North Pulau Laut Coal Terminal) in 1994.
PT Thiess Indonesia (“Thiess”, see Production Contractors) was contracted in 1986-1997 to construct key plant and infrastructure for Arutmin and to operate the company’s mines. The contract ended in February 1997, when the mines’ output ramped up to stable commercial levels.
Under its CCOW, BHP was required to divest 51% of its interest in Arutmin to Indonesian parties within 10 years after the commencement of Arutmin’s operations. In 1989, BHP divested 20% of its
interests to PT Bakrie & Brothers Tbk (“Bakrie”) and in 2001 it opted to divest the remaining 80%.
BHP re-engaged Thiess to undertake Arutmin’s operations on 12 June 2000.
On 23 October 2001, Bumi won the bid for Arutmin1. It financed the USD148m acquisition using loans from Bank Mandiri (USD103.9m) and PT Rifan Financindo Asset Management (USD45.2m), both of which were novated from Bumi to Arutmin following the acquisition.
1 Bumi completed the acquisition of 80% of Arutmin in November 2001 and it acquired the remaining 20% in August 2004 from a holding vehicle controlled by Bakrie’s creditors (the vehicle was set up as part of Bakrie’s debt restructuring).

KPC
KPC was established in April 1982 as a 50:50 joint venture between BP and Rio Tinto after the two were awarded a government concession to develop coal deposits along the coast of East Kalimantan. KPC’s concession extends to 2021 and covers a 90,960-hectare area. As of 31 March 2005, KPC had 3,068 employees, 31 of whom are expatriates.
KPC began constructing its main mine, the Sangatta mine in January 1989. This was followed by the completion of large-scale mine development projects in 1991 and the commencement of commercial production in 1992.
As with Arutmin, BP and Rio Tinto were required by their CCOW to divest at least 51% of their collective interest in KPC to Indonesian parties between the fifth and the tenth years of KPC’s operation. Although BP and Rio Tinto offered KPC for sale every year between 1996 and 2002, no sale was concluded until July 2003, when the two agreed to sell 100% of KPC to Bumi for USD480m.
BP and Rio Tinto did not retain minority interests in KPC as BP had exited the mining business, having divested all its mining assets except for KPC, while Rio Tinto (like BHP) prefers fully owned mines and generally avoids minority holdings.
The sale was completed on 10 October 2003. Bumi financed the transaction by directing KPC to take on USD404m of debt, of which USD186m was used to repay KPC’s outstanding debt and USD218m was lent to Bumi for the acquisition. Bumi raised the remaining USD76m in the form of an inter-company loan from Arutmin, which raised debt in an equal amount.
Following the acquisition (on 13 October 2005) Bumi entered a share sale and purchase agreement with the local government (the East Kutai Regency Government, “EKRG”) to sell 18.6% of KPC for USD104mn, with the rights to repurchase 10.6% back for the same price (the sale has yet to be executed).
Later in March 2005, Bumi entered into an agreement to sell 32.4% of KPC to PT Sitrade Nusa Globus (“SNG”, representing a group of private Indonesian investors) 2 for USD400mn. Should these sales be executed, Bumi could maintain majority ownership in KPC by exercising its 10.6% repurchase rights3.
2 According to Bumi, these sales were motivated by the CCOW’s requirement to divest 51% of KPC to Indonesian parties (Bumi acquired KPC by acquiring BP’s and Rio Tinto’s offshore holding vehicles, which may not qualify as “Indonesian.”).
3 Bumi expects to lend EKRG the USD104mn, which would result in a cashless sale that provides Bumi the right to call 10.6% of KPC at any time (to be paid for by the cancellation of EKRG’s USD104mn debt to Bumi).

BUMI
Founded in 1973, Bumi was established as Bumi Modern Tbk., an Indonesian investment company
engaged in hotel and tourism, whose operations included the Hyatt Regency Hotel, an apartment complex in Surabaya and Le Meridien Hotel Tashkent in Uzbekistan. Bumi had been listed on the Jakarta stock exchange since 30 July 1990 (Ticker: BUMI).
In August 1997, PT Bakrie Capital acquired a 58.5% stake in Bumi, and in November, Bumi raised
IDR108bn from a second offering. Bumi changed direction later that year by acquiring Gallo Oil (Jersey) Ltd. in December, while announcing plans to become a diversified natural resource company.
Gallo owns two oil concessions in Yemen: 50% of Block R-2 at East Al Maber (2,856km2) and 100% of Block 13 at Al Armah (7,417km2). The fields are currently in the early stages of exploration.
Following its name change in 2000, Bumi made the full transition to an energy company in 2001 by
acquiring Arutmin in October and divesting its last hotel asset (Le Meridien, Tashkent) in November of the same year.
Arutmin served as Bumi’s sole revenue-generating asset until Bumi acquired KPC in 2003. Later in the same year, Bumi established Enercorp Ltd. (a 60% subsidiary) to serve as Arutmin’s domestic sales agent.
Bumi is 57.17% owned by public and institutional investors, while the remaining interest is owned by entities controlled by the Bakrie family4.
4 Long Haul Holdings (42.24%), Minarak Labuan Co. Ltd. (0.32%) and PT Bakrie Capital Indonesia (0.19%).

Post-Acquisition Transition
Although the sale of Arutmin and KPC to Bumi represented a change of ownership to a non-industry parent, Bumi was able to retain the companies’ existing management teams, which consist of senior personnel trained by BHP and Rio Tinto.
Mid-level management members – who are mainly locally recruited and trained staff – have also remained in place, as have the internal systems, controls and practices of KPC and Arutmin (which are in line with international standards).
In light of the factors above, the capacity of KPC and Arutmin to produce and sell coal, and to recruit and develop skilled managers have not been materially impaired by the change in ownership. Fitch expects the companies to maintain these capabilities for the life of the transaction.

Reserves
KPC and Arutmin have sufficient reserves to meet planned production over the life of the transaction (2005-2012). As of 31 March 2005, KPC had 601mt of proved and probable marketable reserves while Arutmin had 358mt of proved and probable marketable reserves 5. All reserve statements were prepared by reputable, competent third parties in accordance with the JORC Code.
The reserves of KPC and Arutmin are supported by much larger resources, which, given ongoing exploration and drilling activities, should further contribute to the companies’ reserve base, extend the mines’ reserve lives and provide a substantial excess reserve buffer for the life of the transaction.
5 As of 31 March 2005, KPC had 616mt of proved and probable recoverable reserves while Arutmin had 375mt of proved and probable recoverable reserves.

Production
Together, KPC and Arutmin is the largest producer and exporter of coal in Indonesia, accounting for some 29% of the country’s production in 2004. From 36mt in 2004 (21.4mt KPC, 15mt Arutmin), KPCA plans to ramp up output to 50mt this year (32.2mt KPC, 18mt Arutmin) and to substantially higher levels in the next two to three years.
When considering the feasibility of these planned volumes, Fitch drew comfort from the following factors:

Production Contractors
Roughly three-quarters of KPCA’s output will be produced by contractors while one-quarter will be produced by KPC itself. In Fitch’s view, KPC is competent and experienced in operating its own sites and is capable of producing its share of planned output. The reliability of the remaining volumes is dependent on the operating strength of the contractors and their commitment to executing on their contracts in a timely and satisfactory fashion.
Analysis of the relevant plans and credentials supports Fitch’s view that the contractors are largely competent and capable of meeting the obligations of their production contracts, although more (but acceptable) risks are associated with HWEI owing to recent events (see below).
In general, the contractors are experienced in Indonesia and are familiar with local geology and terrain. KPC and Arutmin management have a long history of working with contractors and are skilled in managing and supervising their work.
These strengths are supplemented by wellestablished internal systems and controls, many of which are codified in the contractors’ operating agreements. The contracts are robust documents that specify the responsibilities and liabilities of the parties and provide for the timely replacement of contractors should any fail to perform.
Consultation, planning and progress evaluation are conducted with the contractors on a weekly, monthly, quarterly and annual basis. The contractors’ interests are long term in nature and are largely aligned with those of KPC and Arutmin, which are among their largest clients in the country. The contracts require a total of some USD450m in capital investments by the contractors, which further links their interests to the success of their respective projects.
The stability of the Bengalon contractor, HWEI, came into question at end-2004 when Henry Walker Eltin (“HWE”), HWEI’s parent, filed for voluntary administration in Australia as a result of severe contract losses in that market. To secure the stability of the contract and the delivery of associated equipment, Bumi organized the purchase of HWE’s interests in HWEI by a consortium of private investors (in May 2005).
HWEI’s set-up is similar to those of BHP and BP/Rio Tinto prior to the sales of KPC and Arutmin. Its senior management was trained by HWE, and it is supported by an established local management structure whose members were recruited and developed locally. As the management structure of HWEI is expected to remain largely intact, its ability to execute on the existing contract should not be materially impaired.
While above events delayed Bengalon’s initial ramp up, the delay was one-time in nature and has not significantly impacted the progress of the mine’s development (see Production). Equipment required to meet Bengalon’s 2005 targets is either on site or en route, and should allow for the achievement of the revised planned volumes (3.1mt) this year. As for further capex needs over the duration of the contract, financing has been arranged with the help of Bumi.


Redirection would therefore not necessarily yield any significant increase in cash flows –
an extra approximately USD[146]m per year (i.e. the largest debt service amount per annum for the term of the transaction assuming a coupon rate of 7%).

http://globaldocuments.morningstar.com/documentlibrary/document/1b32ef5992c771a9.msdoc/original
TCW Galileo Funds, Inc
International Funds
TCW Galileo Emerging Markets Income Fund
indonesia 9.3%, $6,406,704
principal amount 1,680,483
value 1,663,678
indocoal exports cayman ltd (144A), 7.134%, due 07/06/2012

http://www.globalcapital.com/article/k5c40tqlh87d/securitisation-flowers-in-variety-of-asian-habitats
Securitisation flowers in variety of Asian habitats
20 Jan 2006

Indonesia back after eight years
Even the smaller and less mature markets produced a variety of transactions. Perhaps most significantly, Merrill Lynch arranged Indocoal Exports (Cayman), a $600m securitisation of export receivables for Indonesia’s Bumi Resources – the first securitisation to emerge from the country since the financial crisis of 1997.
The success of the transaction, which attracted a $900m order book, may rekindle interest in mooted securitisations for Bank Internasional Indonesia and oil refiner Pertamina, among others.

http://www.iflr.com/Article/3026175/Indonesian-securitisation-set-to-make-a-comeback.html
Indonesian securitisation set to make a comeback
10 May 2012

Lawyers in Jakarta expect Indonesia’s securitisation market to relaunch this year, with the country’s first major cross-border securitisation in two decades.
After several cross-border motor-cycle and auto securitisations in the 1990s, Indonesia’s securitisation market has suffered years of unfulfilled promise. The last such transaction in the country – IndoCoal Exports’ 2006 issuance of an $800 million 7% structured note- made headlines as the region’s largest-ever securitisation. But there have been no similar deals since.

In June 2010, IndoCoal Resources (Cayman) Ltd (ICRL), a jointly controlled entity, and Candice Investments Pte Ltd, an associate company of 30% owner of KPC and Arutmin, entered into an Equity Partner Loan Agreement, wherein ICRL grants to Candice an unsecured, convertible term loan facility in the

http://jp.whitecase.com/files/Publication/da0b10bb-7d5d-4118-8215-00a5d120036f/Presentation/PublicationAttachment/19ead43d-583a-4fab-967f-02b5f8631114/IFLR1000_2007_Rankings_Summary.pdf
Bertie Mehigan leads White & Case’s banking and finance practice in Singapore, where he is accompanied by eight associates. Mehigan has raised his profile in the banking sector in Singapore and across the Asia-Pacific region over the past 12 months by taking the lead on several important financings, including the $291 million financing for the acquisition of the United Broadcasting Corporation and banking transactions for PT Bank Danamon Indonesia and the Sumitomo Mitsui Banking Corporation. The type of the work the group has advised on also demonstrates the cross-border nature of the practice. The firm’s Singapore team has advised on matters in Bangladesh, China, Hong Kong, Indonesia, Kazakhstan, Kyrgyzstan, Taiwan, Thailand, Uzbekistan and Vietnam.
The firm’s client list includes Calyon, the China Development Bank, Deutsche Bank, JP Morgan Chase, Mizuho Corporate Bank, PT Bank Danamon Indonesia, PT Bumi Resources, The Royal Bank of Scotland, Sumitomo Mitsui Banking Corporation and UOB.
For example, White & Case represented PT Bumi Resources and Indocoal Exports in connection with the issuance of $800 million structured export notes in a private placement to Credit Suisse.

White & Case is known by peers in the market to be “very good on emerging markets,” and occupies a leading position CDO work, in which it boasts “a really impressive practice”. The firm has increased its team this year, and now has for partners focusing on pure structured financing matters. An especially noteworthy transaction for the firm was its role advising WestLB as global coordinator on Turkey’s largest-ever securitization and the largest-ever wrapped bond by a Turkish borrower, a $1.433 billion offering of guaranteed floating-rate notes issued by Akbank via Arts, a Jersey special purpose vehicle (SPV).

The note offering was issued in 11 separate tranches under Arts’ future-flow securitization programme. In another landmark deal, the firm represented PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, coal mining subsidiaries of Bumi Resources, in connection with a $600 million note offering by IndoCoal Exports (Cayman), a Cayman Islands SPV formed to purchase existing and future receivables and related assets generated from sales of coal by KPC and Arutmin. This was the first investment-grade offering and the first securitization out of Indonesia since the Asian financial crisis, and was widely heralded as reopening the market for securitizations by Indonesian companies.

The firm also acted for WestLB and JP Morgan in the first ever public future-flow securitization of diversified payment rights (DPRs) in Kazakhstan, in a $300 million floating-rate note issue for Kazkommertsbank. The transaction was a truesale securitization of the issuer’s dollar-denominated present and future DPRs; with a securitization law expected to be passed in Kazakhstan in the near future the Kazakh securitization market is predicted to grow rapidly, and White & Case is well-placed to take advantage of this growth. Among the year’s other highlights, White & Case advised high-profile client Kensington Mortgages on its 20th and 21st issues in Kensington Mortgage’s RMBS programme, David Barwise led a team that acted for Deutsche Bank as arranger of a €400 million bond issue by Eurocredit Opportunities I, which was the first-ever European market value CDO, and a 10-strong team of lawyers spanning London and New York advised Citigroup on its first-ever unit trust to use structured finance techniques.

http://www.allenovery.com/SiteCollectionDocuments/Indonesia%20Energy%20and%20Natural%20Resource%20credentials.PDF
IndoCoal Exports (Cayman) Ltd.
We advised on the USD900m Floating Rate Notes due 2011 and 2012 issued by IndoCoal Exports (Cayman) Ltd. as part of a securitisation programme for Bumi Resources’ principal operating subsidiaries, PT Kaltim Prima Coal and PT Arutmin Indonesia. This was the largest bond sale by an Indonesian corporate, the largest FRN private placement out of Indonesia and one of the largest securitisations ever from Asia.

IndoCoal Exports
Advised Credit Suisse as placement agent and the note purchasers in relation to the issue of Floating Rate Notes due 2011 and 2012 by IndoCoal Exports (Cayman) Limited, used to refinance existing notes. This was the largest bond sale by an Indonesian corporate and the largest FRN private placement out of Indonesia.

PT Bumi Resources Tbk
Advised Deutsche Bank as arranger of a structured finance transaction for PT Bumi Resources Tbk with an issuance of USD60m floating rate notes by Jimba Finance Limited.

Representing a coal mining publicly listed company
In its proposed issuance of U.S. Dollar bonds in reliance of Rule-144A and Regulation S of the U.S. Securities Act.

arutmin
2016-07-02 04:21 PM

ArCo & Utah International
Arutmin Indonesia, a joint venture of Utah Exploration Inc.and Atlantic Richfield Co. of the United States,

2. PT ARUTMIN INDONESIA

Sejak awal kelompok Bakrie terlibat di Arutmin. Perusahaan ini tadinya merupakan hasil; kongsi antara Bakrie (20%) dengan BHP Minerals Australia (80%). Arutmin mengoperasikan dua tambang terbuka di Kalimantan Selantan. Arutmin bias memproduksi 19 juta metric ton batu bara setiap tahun. Kini, Arutmin juga sepenuhnya berada di bawah naungan PT Bumi resource.

PT Arutmin operates two open-cut energy coal mines, Senakin and Satui, in south Kalimantan. The mines produce approximately 11 million tonnes per annum of thermal coal, which is predominantly exported to Asian markets.

PT Arutmin Indonesia

PT Arutmin Indonesia, a joint venture between BHP Minerals of Australia (80%) and Bakrie Brothers (20%), operates two open-cut coal mines and a coal loading facility located in South Kalimantan. The two mines are Senakin mine with a capacity of four million MT/year and Sentui mine with a capacity of two million MT/year. Commencing trial production in 1988, Arutmin increased production to 6.3 million MT in 1998 and 8.7 million MT in 1999 and targeted production of 12 million MT/year of bituminous coal in the near future from its seven separate projects.

Arutmin exported 7.1 million MT in 1999 through its deep-water coal transshipment point at North Pulau Laut. The port is designed to accommodate Panamax size vessels with a stockyard capacity of 500,000 MT. Japanese buyers postponed transactions to purchase 700,000 MT of coal from Arutmin due to fears of supply interruptions following deteriorating ties between Australia and Indonesia. Officials said the postponement would not only affect PT Arutmin, but also coulld diminish Indonesia’s foreign exchange earnings, as the Japanese buyers may switch to coal contracts with other countries.

For the subsequent phase of PT Arutmin Indonesia’s divestment, which will involve the acquisitionn of 17% of the company’s stock, the Department of Mines and Energy has appointed PT Tambang Timah to act as the coordinator. Currently, PT Arutmin Indonesia is jointly owned by Broken Hill Proprietary (BHP) Co. Ltd. of Australia (80%) and PT Bakrie Brothers (20%).

PT Arutmin; A Utah International Project (United States) a fully owned subsidiary of BHP (Australia). The project is about 15 kilometers from barge loading facilities that can directly serve markets or can transfer coal to ships for regional markets. This project has a stripping ratio of about 6:1 and staged development is planned from the present production of about 1 million tonnes to 5.5 million tonnes in 1993. Substantial production will probably go to Indonesian power plants.

kpc
2016-07-02 04:21 PM

RTZ/BP

1. PT KALTIM PRIMA COAL (KPC)

Awalnya, KPC merupakan perusahaan patungan milik Rio Tinto Australia (50%) dan British Petroleum (50%) dari Inggris. KPC adalah operator batu bara terbesar di Indonesia. Kegiatan produksi secara komersial di KPC dimulai pada tahun 1991. setelah itu KPC sanggup memproduksi batu bara secara stabil di level stabil 15 juta metric ton per tahun. Kini, KPC berada di bawah kepemilikan PT Bumi Resources, unit usaha kelompok Bakrie. Pada tahun 2007 silam produksi KPC mencapai 50 juta metric ton.

PT Kaltim Prima Coal – The largest coal producer

PT Kaltim Prima Coal (KPC), jointly owned by the Rio Tinto group of Australia (50%) and British Petroleum of UK (50%), is the largest coal operator in Indonesia. Commencing commercial production in 1991, KPC steadily increased coal production to nearly 15 million MT in 1999 afer investing about one billion US dollars. At the current production rate, the company’s marketable coal reserves of 650 million MT can sustain mining for more than 20 years. Its high quality coal, extensive exploration, and heavy investment in infrastructure were the key factors in its success.

Production is currently exported through the Tanjung Bara Coal Terminal (TBCT), a deep-water load-out facility which is capable of handling cape-size vessels of 200,000 dead weight ton (DWT) capacity. In 1999, KPC exported 13.9 million MT of coal to destinations in Europe, the U.S., Japan and other Asian countries. KPC produces two brands of coal – “Prima Coal” and “Pinang Coal.”

Prima Coal is a high quality, internationally traded coal, predominantly sold on the basis of long- term contracts. While targeted to reach a production level of 15 million MT in 2000, KPC operations and production were affected for the first time in its history by labor actions. The company was shut down intermittently in the third quarter of the year, losing some 1.8 million MT of production, and had to declare force majeure to all its customers before starting back up on August 18.

PT Kaltim Prima Coal was jointly owned by Rio Tinto and BP Amoco is located in northeast Kalimantan. In July 2003 100% of the KPC shares (owned by BP and Rio Tinto), were sold to PT Bumi Resources Tbk. Bumi is a local company owned by Long Haul Holdings Ltd (73.01%), Minarak Labuan Ltd (21.99%), PT Bakri Capital Indonesia (2.17%) and the public (2.88%). In 2003, KPC’s coal output declined by 8.4% to 16.2 Mt (17.57 Mt) owing to a three-week strike by the workforce in September. The cause of the strike was the workers’ demand for a bonus of 15% from the proceeds of the sale of KPC shares to PT Bumi Resources.

Australian copper producer Straits Resources Ltd has a 80% operating interest in the Sebuku opencast coal mine located on Sebuku Island, South Kalimantan. Sebuku produces approximately 1.5 Mt of high volatile bituminous coal each year.

Rio Tinto Plc
Rio Tinto once owned 50% (the remainder with BP Coal) of Kaltim Prima in Indonesia, a major coal producer with operations in East Kalimantan.

PT Kaltim Prima Coal (KPC), which is 50% owned by Rio Tinto of Australia and 50% by British Petroleum of England, is also conducting divestment. In this regard, the Directorate General of General Mines has designated PT TBBA and three private national companies to take over as much as 23% of the company’s stock. KPC, whose area of operations is located in the East Kalimantan kecamatan of Sangatta, has been operating in Indonesia since 1989 on the basis of a coal-mining agreement which it signed with PT TBBA in 1982. Given that the process of KPC’s divestment commenced in 1998, the transfer of 51% of the company’s stock to the local partners can be expected to be completed in 2003.

PT Kaltim Prima: This is the premium coal project in both quality and probably competitive position in Indonesia. A joint venture between CRA (Australia) and BP (Britain). The project has a planned capacity of 7.0 million tonnes per year, an average stripping ratio of 6/1. Coal will be transported 13 km by conveyor belt to ships up to 180,000 DWT. Capital investment is estimated at about US$500 million (US$71-79/annual tonne capacity), and direct operating costs will probably fall in the US$12-15 per torme range. This project can supply steaming coal to Asia at very competitive prices, and is likely to be competitive in the European market, and perhaps in the coastal areas of eastern United States.
The project is expected to produce about 800 thousand tonnes in 1990 with transport to the port by truck. Commercial production using the preparation plant and conveyor system is expected in late-1991 with a gradual build up to 7.0 million tonnes in 1996 with about 6 million tonnes going to the export market. The build up to 7 million tormes could occur well before 1996. The capacity constraint of 7 million tormes is primarily due to the capacity of the conveyor belt system.

berau
2016-07-02 04:21 PM

Asia Resource Minerals (Vallar Investments UK Ltd, 84.74%)

Vallar owns 75% Berau Coal

Vallar -> PT Berau Coal Energy Tbk (owned by Recapital Advisors)
Recapital Advisors -> Risco (owned by Boy Thohir (15%), Rizal Risjad (65%), and Handy Purnomo Soetedjo (20%).

4. PT BERAU COAL

PT Berau Coal saat ini berada di tangan kendali PT Armadaian Tritunggal (51%)- milik Rizal Risjad (anak Ibrahim Risjad). Selain itu, ada juga Rognar holding BV Belanda (39%), dan Sojitc Corp dari Jepang. Tadinya, Berau dimiliki oleh United Tractors (60%), PT Pandua Dian Pertiwi (20%), dan Nissho Iwai (20%).

Berau memiliki tiga lokasi tambang di kabupaten Berau, Kalimantan Timur, yaitu Lati, Binungan, dan Sambrata. Berau memegang Perjanjian Karya Pengusahaan Pertambangan Batubara (PKP2B) dengan pemerintah Indonesia atas konsesi sekitar 118 ribu hectare (ha) dengan lahan produksi 40 ribu ha. Tahun ini perusahaan menargetkan produksi 15 juta metric ton batu bara setelah tahun lalu mebukukan 12,5 juta ton.

PT Berau Coal

PT Berau Coal, a joint venture between United Tractors (60%), PT Pandua Dian Pertiwi (20%) and Nissho Iwai (20%), operates coal mines located around Latek River (about 600 km north of Samarinda), East Kalimantan. Berau Coal reported measured reserves of 745 million MT from its five potential fields. Production rose sharply from 300,000 MT in 1994 to 2.3 million MT in 1998 and 3.3 million MT in 1999.

Berau Coal plans to expand its mining capacity to 8.0 million MT/year in 2000. The company has been contracted to supply 4.5 million MT/year of coal by power companies. The contracts include a 30-year deal with Daya Listrik Pratama valued at US $1 billion for 1.1 million MT/year; a deal with the developer of a rescheduled 400 MW coal power plant project at Cilegon; a 30-year deal with Paiton II worth US $1.5 billion to supply two million MT/year; and a 5-year deal with Paiton I valued at US $300 million.

PT Berau has begun production from a new colliery located near Sambarata in East Kalimantan. PT Berau has measured reserves totaling over 550 Mt from its deposits (of which Sambarata is one) located in the northern part of Eastern Kalimantan.

PT Berau operates several collieries in Indonesia, primarily in East Kalimantan.

In 1997, PT Berau Coal (BC)–a subsidiary of United Tractors–won a US$ 1 billion contract on the procurement of coal for PT Dayalistrik Pratama, a private power-supply company, whose coal-fired power plant is located in Cilegon, West Java. Under the contract agreement, PT BC is required to supply the coal-fired power plant, which has a 400-MW capacity, with 1.1 million tons of coal annually for 30 years. However, according to Presidential Decree No. 39 of 1997, PT Dayalistrik Pratama’s power plant project is one of the 13 private power projects which have to be suspended.

PT Berau Coal: This project on Kalimantan is located 10 kilometers from the Berau River, where small 3500 DWT barges will carry the coal to a transshipment point. Production starting at 0.5 million tonnes in 1994 jumping to 2 million tonnes in 1995 have been suggested. Due to coal quality considerations and transportation constraints, the rate of development of this project could be slower than indicated.

01 20140922 1444 Gagal Bayar Utang Sudah Biasa di Eks ‘Bakrie Tujuh’
2016-07-04 09:18 PM
http://finance.detik.com/read/2014/09/22/144441/2697315/6/gagal-bayar-utang-sudah-biasa-di-eks-bakrie-tujuh
Gagal Bayar Utang Sudah Biasa di Eks ‘Bakrie Tujuh’
Angga Aliya – detikfinance
Senin, 22/09/2014 14:44 WIB

Jakarta -PT Bakrie Sumatera Plantation Tbk (UNSP) menyatakan belum bisa bayar bunga atas utang US$ 100 juta (Rp 1,1 triliun). Gagal bayar utang ini sudah biasa terjadi di perusahaan-perusahaan yang dulu masuk dalam ‘Bakrie Tujuh’.

Gagal bayar utang sepertinya sudah menjadi hal yang biasa bagi kelompok usaha ini. Berikut ini beberapa aksi gagal bayar yang pernah terjadi di eks ‘Bakrie Tujuh’, seperti dirangkum detikFinance, Senin (22/9/2014).

PT Bakrie Telecom Tbk (BTEL)

Perusahaan telekomunikasi ini gagal bayar kupon obligasi (bunga surat utang) senilai Rp 218 miliar. Kupon tersebut merupakan bagian dari obligasi perseroan senilai Rp 3,8 triliun yang jatuh tempo Mei 2015.

Seharusnya operator Esia itu membayar kewajibannya pada 7 November 2013. Akibatnya, peringkat obligasi perseroan pun turun.

Lembaga pemeringkat internasional Fitch Ratings menurunkan peringkat obligasi anak usaha Grup Bakrie itu dari C menjadi CC. Turunnya peringkat ini juga terjadi pada peringkat utang Bakrie Telecom untuk jangka panjang dalam bentuk rupiah dan dolar.

Meski demikian, Fitch percaya Bakrie Telecom akan mampu melakukan restrukturisasi utangnya dengan mencari sumber pendanaan yang likuid pada masa tenggat setelah jatuh tempo (grace period).

PT Bakrieland Development Tbk (ELTY)

Perusahaan properti ini pernah gagal bayar bunga dan pokok utang tahun lalu. Pembayaran pelunasan pokok dan bunga ke-20 Obligasi I Bakrieland Development Tahun 2208 Seri B seharusnya dilaksanakan pada 11 Maret 2013 namun sampai hari yang ditentukan belum juga terlaksana.

Bakrieland sendiri punya utang jatuh tempo sebanyak Rp 280 miliar, yang merupakan utang Obligasi I Bakrieland Development tahun 2008. Obligasi seri B itu bertenor lima tahun ini akan jatuh tempo pada 11 Maret 2013 dan memiliki tingkat bunga tetap sebesar 12,85%.

PT Bumi Resources Tbk (BUMI)

Perusahaan tambang ini sudah meminta keringanan syarat dan ketentuan Obligasi Konversi Bergaransi senilai US$ 375 juta kepada pemegang saham. Jatuh tempo obligasi yang sempat tidak dibayar ini mundur ke April 2008.

Rapat pemegang obligasi sudah digelar di Singapura Jumat 22 Agustus 2014. Atas mundurnya tanggal jatuh tempo ini manajemen BUMI mengklaim semua kemungkinan gagal bayar (event of default) telah dihilangkan sebagai bagian dari perjanjian tersebut.

Obligasi yang jatuh tempo Agustus 2014 ini selanjutnya akan digantikan dengan Obligasi Konversi dan ditempatkan sederajat (pari passu) dengan utang antar kreditor lainnya.

Persyaratan utama dari Obligasi Konversi yang diperpanjang hingga April 2018 adalah, Jumlah Pokok Utang: US$ 374,9 juta, tanggal jatuh tempo pindah ke 7 April 2018, dan ketentuan pembayaran bunga menjadi 6% per tahun terhitung mulai tanggal 25 Agustus 2014.

PT Bakrie Sumatera Plantation Tbk

PT Bakrie Sumatera Plantation Tbk (UNSP) terancam gagal bayar bunga obligasi senilai US$ 100 juta (Rp 1,1 triliun). Anak usaha Grup Bakrie itu akan bernegosiasi dengan para trustee alias pemegang obligasi.

Perusahaan sawit itu sudah menjelaskan kepada Bursa Efek Indonesia (BEI) bahwa jika bunga tersebut tidak dibayar maka bisa menimbulkan event of default atas Secured Equity-linked Redeembale Notes senilai US$ 100 juta tersebut.

“Namun perusahaan sampai saat ini belum menerima notice event of default dari trustee yang ditujukan kepada perseroan,” kata Direktur Bakrie Sumatera Balakrishnan Chandrasekaran dalam keterangan tertulisnya.

Ia mengatakan, perseroan sudah berbicara dengan para pemegang obligasi ini dan akan kembali melakukan negosiasi pada triwulan IV tahun ini. (ang/dnl)


02 20140616 0925 Tak Ada Lagi Nama Bakrie di Daftar Pemegang Saham ‘Bakrie Tujuh’
2016-07-04 09:20 PM
http://finance.detik.com/read/2014/06/16/091734/2608906/6/tak-ada-lagi-nama-bakrie-di-daftar-pemegang-saham-bakrie-tujuh
Tak Ada Lagi Nama Bakrie di Daftar Pemegang Saham ‘Bakrie Tujuh’
Angga Aliya – detikfinance
Senin, 16/06/2014 09:25 WIB

Jakarta -Masih ingat dengan istilah Bakrie Tujuh yang pernah populer di kalangan pelaku pasar modal beberapa tahun yang lalu? Sekarang mungkin lebih tepatnya hanya Tujuh saja karena sudah tidak ada Bakrie di sana.

Nama Bakrie sudah tidak ada lagi di daftar nama pemegang saham di sebagian besar emitennya tersebut. Kalaupun ada, kepemilikan sahamnya sudah kecil sekali.

Menurut salah satu eksekutif di Grup Bakrie, kepemilikan BNBR di emiten-emitennya itu sudah kecil sekali, bahkan ada beberapa perusahaan yang kinerja keuangannya sudah tidak konsolidasi lagi dengan Bakrie and Brothers.

Sahamnya mulai menyusut pasca krisis ekonomi global 2008 lalu. Waktu itu Grup Bakrie mencoba membayar utang-utangnya dengan cara gadai saham ke pihak lain. Nah sampai sekarang saham-sahamnya itu belum kembali.

“Jadi sebenarnya mereka sudah tidak bisa lagi disebut milik Bakrie, karena sahamnya (Bakrie) sudah sedikit sekali. Mereka itu ya perusahaan publik,” katanya.

Tapi nama Bakrie tidak hilang seluruhnya di daftar pemegang saham. Namanya masih muncul di BTEL dan UNSP. Berikut ini daftar pemegang saham di eks Bakrie Tujuh berdasarkan data Bursa Efek Indonesia (BEI),

Bakrie and Brothers (BNBR)
* Credit Suisse AG Singapore Branch S/A Bright Ventures Pte Ltd 21,81%
* Mellon Bank NA S/A For Mackenzie Cundill Recovery Fund 9.34%
* Armansyah Yamin 0,01%
* Nugroho I Purbowinoto 0,01%
* Publik 69,06%

PT Bumi Resources Tbk (BUMI)
* Credit Suisse AG Singapore Branch 23,09%
* Raiffeisen Bank International AG Singapore Branch/Long Haul Holding Ltd 6,09%
* Publik 70,82%

PT Bakrieland Development Tbk (ELTY)
* CGMI Client Safekeeping Account 10,41%
* PT Asuransi Jiwa Sinarmas 6,32%
* Publik 83,28%

PT Bakrie Sumatra Plantation Tbk (UNSP)
* Credit Suisse AG Singapore Branch/Long Haul Holding Ltd 3,13%
* PT Asuransi Jiwa Sinarmas MSIG 3,06%
* Meivel Holdings Corporation 2,34%
* JP Morgan Bank Luxembourg SA1,76%
* PT Danatama Makmur 1,75%
* Nomura PB Nominees Ltd 1,69%
* Reksa Dana Penyertaan Terbatas Syailendra Multi Strategy Fund II 1,42%
* Citibank New York S/A Dimensional Emerging Markets Value Fund 1,33%
* The Wenas Panwell 1,05%
* Bakrie and Brothers 0,02%
* Publik 82,45%

PT Energi Mega Persada Tbk (ENRG)
* Mellon Bank NA S/A for Mackenzie Cundill Recovery 7,76%
* UBS AG Singapore Non-Treaty Omnibus Account 20,09%
* Didit Hidayat Agripinanto 0,01%
* Publik 72,16%

PT Bakrie Telecom Tbk (BTEL) 16,35%
* Bakrie and Brothers 16,35%
* Bakrie Global Ventura 6,87%
* Raiffeisen Bank International AG Singapore Branch 7,24%
* Publik 69,54%

PT Darma Henwa (DEWA)
* Zurich Asset International Ltd 21,61%
* Goldwave Capital Limited 17,68%
* Publik 60,71%
(ang/ang)


10 20140506 2059 Batal “Private Placement”, BUMI “Rights Issue” Rp 6,5 Triliun
2016-07-04 09:35 PM
http://bisniskeuangan.kompas.com/read/2014/05/06/2059556/Batal.Private.Placement.BUMI.Rights.Issue.Rp.6.5.Triliun
Batal “Private Placement”, BUMI “Rights Issue” Rp 6,5 Triliun
Editor : Erlangga Djumena
Sumber : KONTAN, Selasa, 6 Mei 2014 | 20:59 WIB

JAKARTA, KOMPAS.com – PT Bumi Resources Tbk (BUMI) melakukan aksi korporasi yang mengejutkan. Emiten batu bara keluarga Bakrie ini tiba-tiba mengumumkan rencana untuk menerbitkan 26,17 miliar saham biasa seri B dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD).

Hal itu terungkap dalam prospektus rights issue yang dirilis BUMI pada Selasa (6/5/2014). Merujuk pada prospektus itu, harga pelaksanaan aksi korporasi yang biasa disebut rights issue itu senilai Rp 250 per saham. Alhasil, jika rights issue terserap maksimal, maka BUMI bakal meraup dana segar senilai Rp 6,54 triliun.

Rencana ini tentu mengejutkan lantaran pada Desember tahun lalu, BUMI sejatinya sudah mengumumkan rencana untuk menerbitkan 13,67 miliar saham baru, tetapi dengan skema Penerbitan Tanpa Hak Memesan Efek Terlebih Dahulu (Non-HMETD) alias private placement.

Harga pelaksanaan private placement, kala itu, direncanakan senilai Rp 425 per saham. Imbasnya, nilai total private placement BUMI waktu itu senilai Rp 5,8 triliun. Sayangnya, manajemen BUMI masih bungkam terkait perubahan aksi pencarian dana ini.

Dileep Srivastava, Direktur dan Sekretaris Perusahaan BUMI, tidak merespons pertanyaan yang dilayangkan Kontan. Satu hal yang pasti, rencana rights issue itu akan menghasilkan pengurangan yang terbilang besar, yakni 55,75 persen.

BUMI menjelaskan, dana hasil rights issue akan digunakan untuk empat kebutuhan. Pertama, sekitar Rp 1,73 triliun atau 150 juta dollar AS akan digunakan untuk melunasi pinjaman dari China Investment Corporation (CIC). Fasilitas itu sejatinya diperoleh dari anak CIC, yaitu Country Forest Limited (CFL), pada 18 September 2009.

Total pinjaman BUMI ke CFL tercatat 1,3 miliar dollar AS. Senilai 600 juta dollar AS dari fasilitas itu akan jatuh tempo pada 18 September 2014, sementara 700 juta dollar AS baru jatuh tempo pada 18 September 2015.

Kedua, sekitar Rp 1,73 triliun atau setara 150 juta dollar AS akan digunakan BUMI untuk melunasi fasilitas utang dari Castleford Investment Holdings, Ltd. Fasilitas itu diperoleh pada 14 November 2013, yang digunakan untuk ekspansi anak usaha BUMI.

Ketiga, BUMI akan menggunakan Rp 2,59 triliun atau setara 225 juta dollar AS untuk melunasi obligasi (guaranteed convertible bonds) yang diterbitkan 5 Agustus 2009. Sisa dana hasil rights issue lainnya akan digunakan untuk modal kerja.

Rencana rights issue ini akan dimintakan persetujuan dalam rapat umum pemegang saham luar biasa (RUPSLB) pada 5 Juni 2014. (Veri Nurhansyah Tragistina)


02 20140508 Bumi Resources Rights Issue & Castleford
2016-07-04 09:08 PM

Bumi Resources Rights Issue & Castleford

Bumi Resources Rights Issue & Castleford
by yosefardi.com, May 8, 2014

Bumi Resources (BUMI), controlled by Bakrie Group, has kicked off the issuance of 26.17 billion new shares at Rp250 per share to raise Rp6.54 trillion. About US$150 million of proceeds will be used to repay China Investment Corporation’s facility, while the balance will go to Castleford (US$150 million), holders of Guaranteed Convertible Bonds Due 2014 (US$225 million), and working capital.

Total shares after the rights issue will be 46.95 billion. If the current price of Rp196 stays after the rights issue, BUMI will have market capitalization of Rp9.2 trillion or about US$800 million. While the rights issue price reflects a premium of 27%, BUMI ended flat Wednesday (May 7th).

The rights issue size is significantly bigger than initial plan of 13.665 billion new shares without preemptive rights at Rp425 per share. Why? It is because BUMI want to ‘repay’ loans from Castleford Investment Holdings.

On November14, 2013, PT Bumi Resources Investment (BRI), a non-restricted subsidiary of BUMI, and Castleford Investment Holdings Ltd entered into a facility agreement, wherein Castleford agreed to provide financial support amounting to US$110 million in order to develop certain projects of BRI. The loan bears an interest rate of 5% per annum and payable within 12 months.

BUMI owns 99% shares in BRI, which had total assets of US$616.43 million as at December 31, 2013, compared to US$556.9 million in December 2012. BRI, meanwhile, controls the following companies:
1/ PT Green Resources
2/ Pendopo Coal Ltd, and accordingly PT Pendopo Energi Batubara;
3/ Leap Forward Resources Ltd, and accordingly PT Fajar Bumi Sakti;

Bear in mind that BRI had on August 29, 2012 signed CSPA to sell 50% shares in Leap-Forward to PT Alam Cipta Manunggal (ACM) for US$140 million, which can be adjusted down by US$60 million.

If BRI indeed invested US$150 million of funds from Castleford, why its assets grew only by US$59 million last year? What kind of investment had actually been committed by BRI since November 2013? What is Castleford? Who owns the company? Is it another scheme to squeeze public investors?

“It is more like BUMI’s skyrocketing receivables from PT Jhonlin Group last year. You know the answer,” one retail investor commented.

FYI, BUMI booked US$171.3 million of receivables from PT Jhonlin Group as at December 31, 2013, against US$5.9 million in 2012. That was the single largest receivable in the period.

Regarding the Guaranteed Convertible Bond, BUMI issued US$375 million GCB in August 2009 with Credit Suisse as the sole placement agent. The GCB matures on August 5th, 2014 with initial conversion price of Rp3367 per share. Outstanding principal of the GCB as at December 31, 2013 was US$375 million. Interesting that the rights issue will only repay US$225 million of the GCB. How about the balance of US$150 million, which is exactly the same amount BUMI will pay to Castleford?

Frankly, it’s hard to follow BUMI and other Bakrie-related stocks. They launched way too many complex actions.


24 20140611 Bumi Resources avoids default
2016-07-04 10:07 PM
http://www.worldcoal.com/coal/11062014/Bumi_Resources_avoids_default_963/
Bumi Resources avoids default
Sam Dodson, 11/06/2014

According to a filing to the Indonesian stock exchange, Bumi Resources avoided a default by paying an overdue coupon on its US$ 300 million November 2016 bonds.

“The outstanding coupon has been paid today within the cure period,” director Dileep Srivastava said in the statement, which came after the exchange halted trade in Bumi’s stock and sought information on the payment’s status.

Jakarta-based Bumi had until 11 June to make the twice-a-year coupon payment after delaying by a month while it negotiated with creditors and lenders to ease its cash strain. The company, which had US$ 4.72 billion of short-term liabilities at the end of 2013, on 6 June asked bondholders for permission to extend the maturity on US$ 375 million of convertible notes that are coming due in August.

Bumi’s refinancing plan is being watched carefully by investors. Concern remains deep-set that non-payments among Asia’s riskiest borrowers will rise, as a slowdown hits some regional miners and property developers. Moody’s Investors Service expects speculative-grade defaults in the region outside Japan will climb almost 3% in 2014, according to a recent report.

Xavier Jean, a credit analyst at Standard & Poor’s in Singapore, said Bumi still has “pretty sizeable maturities beyond the convertible bonds, so refinancing risk will remain high. It seems pretty challenging unless they execute their planned large equity raising, or sell assets.”

The controversial Bakrie family own Bumi Resources. Aga Bakrie, one of the firm’s co-founders, recently entered into {a virulent row on social media} with financier Nat Rothschild.

The Indonesian company posted losses in the past two years, amid a slump in coal prices. Benchmark prices in the Southeast Asian nation have dropped 8.4% since 31 December, extending a two-year slide to the lowest level since 2009.

“The main underlying issue is the low coal prices,” Amit Jain, a credit analyst in Bangalore at SJS Markets Ltd., said in an e-mail. The company cannot sustain the current debt load. Coal producers are just looking to survive and wait for prices to improve.”

Bumi has called a meeting on 20 June in Singapore to seek consent from its convertible note bondholders to extend the maturity of the 9.25% debt to 2021, consent solicitation agent Deutsche Bank AG said earlier this week. Other terms haven’t been publicly disclosed.

Any investments based on hope

Analysts have grown increasingly wary over investing in Bumi. Rohit Gadkar, and emerging markets money manager at Trea Capital Partners SV in Barcelona, sold his holding in Bumi’s convertible bonds earlier this year because information on the company’s situation was hard to come by.

“I felt you’re taking a complete punt based on hope, and that type of trade doesn’t fit into my strategy,” Gadkar said in an e-mail interview. “There’s not enough transparency. I may revisit this once there is more clarity.”


25 20140611 1248 Bumi Resources Avoids Default After Paying Coupon on Notes
2016-07-04 10:10 PM
http://www.bloomberg.com/news/articles/2014-06-11/bumi-resources-avoids-default-with-coupon-payment-on-2016-notes
Bumi Resources Avoids Default After Paying Coupon on Notes
David Yong, June 11, 2014 – 12:48 PM WIB

PT Bumi Resources avoided a default by paying an overdue coupon on its $300 million November 2016 bonds, according to a filing to the Indonesian stock exchange.

“The outstanding coupon has been paid today within the cure period,” director Dileep Srivastava said in the statement, which came after the exchange halted trade in Bumi’s stock and sought information on the payment’s status.

The 12 percent notes jumped 2.6 cents to 47.29 cents on the dollar as of 1:05 p.m. in Hong Kong, Bloomberg-compiled prices show, set for the biggest one-day gain since May 16 and the highest level since May 2. They’ve returned 20 percent since the coal producer sought a 30-day grace period to make the interest payment.

Jakarta-based Bumi had until today to make the twice-a-year coupon payment after delaying by a month while it negotiated with creditors and lenders to ease its cash strain. The company, which had $4.72 billion of short-term liabilities at the end of 2013, on June 6 asked bondholders for permission to extend the maturity on $375 million of convertible notes that are coming due in August.

Investors are watching Bumi’s refinancing plan amid concern non-payments among Asia’s riskiest borrowers will rise as a slowdown hits some regional miners and property developers. Moody’s Investors Service expects speculative-grade defaults in the region outside Japan will climb to 2.9 percent in 2014 from 2.1 percent in 2013, according to a June 6 report.

Coal Prices

Bumi still has “pretty sizeable maturities beyond the convertible bonds, so refinancing risk will remain high,” said Xavier Jean, a credit analyst at Standard & Poor’s in Singapore. “It seems pretty challenging unless they execute their planned large equity raising, or sell assets.”

Bumi, controlled by Indonesia’s Bakrie family, posted losses in the past two years amid a slump in coal prices. Benchmark prices in the Southeast Asian nation have dropped 8.4 percent since Dec. 31, extending a two-year slide to the lowest level since 2009.

“The main underlying issue is the low coal prices,” Amit Jain, a credit analyst in Bangalore at SJS Markets Ltd., said in an e-mail today. “The company cannot sustain the current debt load. Coal producers are just looking to survive and wait for prices to improve.”

‘Complete Punt’

Bumi has called a meeting on June 20 in Singapore to seek consent from its convertible note bondholders to extend the maturity of the 9.25 percent debt to 2021, consent solicitation agent Deutsche Bank AG said earlier this week. Other terms haven’t been publicly disclosed.

Rohit Gadkar, an emerging markets money manager at Trea Capital Partners SV in Barcelona, sold his holding in Bumi’s convertible bonds earlier this year because information on the company’s situation was hard to come by.

“I felt you’re taking a complete punt based on hope, and that type of trade doesn’t fit into my strategy,” Gadkar said in an e-mail interview June 6. “There’s not enough transparency. I may revisit this once there is more clarity.”

Bumi’s refinancing plans also entail selling as many as 26.17 billion of new shares to repay $1.3 billion to China Investment Corp., according to a May statement. That comes after the completion of a $501 million breakup in March from a venture with U.K. financier Nathaniel Rothschild.

Srivastava, in today’s exchange filing, said Bumi has won consent from lenders for the China Investment Corp. deal.

Shares in Bumi closed yesterday at 194 rupiah ($0.02), up 2.65 percent. The stock has fallen 35 percent this year.


26 20140612 1019 Bumi Avoids Default After Paying Coupon On Bonds
2016-07-04 10:12 PM
http://malaysiandigest.com/business/504607-bumi-avoids-default-after-paying-coupon-on-bonds.html
Bumi Avoids Default After Paying Coupon On Bonds
Thursday, 12 June 2014 10:19

JAKARTA: PT Bumi Resources has avoided a default by paying an overdue coupon on its US$300 million (RM960 million) November 2016 bonds, according to a filing to the Indonesian stock exchange.

“The outstanding coupon has been paid within the cure period,” said its director Dileep Srivastava in the statement, which came after the exchange halted trade in Bumi’s stock and sought information on the payment’s status.

It had until yesterday to make the twice-a-year coupon payment after delaying by a month while it negotiated with creditors and lenders to ease its cash strain.

Bumi, which had US$4.72 billion of short-term liabilities at the end of last year, had asked bondholders for permission to extend the maturity on US$375 million of convertible notes due in August.

–Bloomberg


07 20140703 Jadwal Rights Issue IV BUMI / Bumi Resources Tbk 2014
2016-07-04 09:23 PM

Jadwal Rights Issue IV BUMI / Bumi Resources Tbk 2014

Jadwal Rights Issue IV BUMI / Bumi Resources Tbk 2014
3 Juli 2014 by britama.com

britama.com, Rights Issue IV (Penawaran Umum Terbatas / PUT IV) dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD) BUMI / Bumi Resources Tbk dan “PT Danatama Makmur, Long Haul Holdings Limited dan Castleford Investment Holdings Ltd sebagai pembeli siaga”.

Rasio pembagian HMETD BUMI adalah setiap 20 saham lama BUMI yang dimiliki akan mendapatkan 31 HMETD, dimana setiap pemegang 1 HMETD berhak untuk membeli 1 saham baru BUMI dengan nilai nominal Rp100,- setiap saham, dengan harga pelaksanaan Rp250,- per saham.

Apabila terdapat sisa saham, maka (A) sebanyak 13.800.000.000 Saham Baru akan diambil bagian dengan alokasi sebagai berikut: (i) Long Haul Holdings Limited akan mengambil bagian sebanyak 6.900.000.000 Saham Baru (atau setara dengan AS$150.000.000), (ii) sejumlah 6.900.000.000 Saham Baru akan dialokasi kepada Castleford Investment Holdings Ltd (“Castleford”) sebagai konversi utang BUMI menjadi saham, dan apabila masih ada sisa saham yang belum diambil, (B) sebanyak-banyaknya 2.042.090.000 saham dari sisa saham akan diambil bagian oleh PT Danatama Makmur sebagai pembeli siaga atas komitment penuh (full commitment).

Rencana Penggunaan Dana yang di peroleh dari hasil PUT IV setelah di kurangi biaya-biaya emisi seluruhnya akan di pergunakan, antara lain:
1. Sebesar AS$14 juta setara dengan Rp 161 miliar (dengan menggunakan kurs Rp11.500), untuk modal kerja meliputi biaya operasional dan pembayaran bunga,
2. Sebanyak-banyaknya sebesar AS$ 275 juta setara dengan Rp 3.162 miliar akan digunakan untuk melakukan pelunasan pinjaman secara proporsional,
3. Sebesar AS$ 48 juta atau sebesar Rp 552 miliar, untuk merealisasikan anggaran program untuk Blok 13 dan Blok R2 dari konsesi hidrokarbon yang dimiliki Gallo Oil (Jersey) Ltd (“Gallo”),
4. Sebesar AS$ 32,58 juta atau sebesar Rp 374,67 miliar, untuk melaksanakan feasibility study konsesi tembaga dan emas yang dimiliki oleh PT Gorontalo Minerals (“GM”) yang merupakan anak perusahaan dengan kepemilikan tidak langsung sebesar 69,67% melalui PT Bumi Resource Mineral Tbk (BRMS),
5. Sebesar AS$150 juta setara dengan Rp 1.725 miliar, untuk melakukan pelunasan sebagian fasilitas pinjaman dari China Investment Corporation (“CIC”) melalui Country Forest Limited (“CFL”), (prioritas).
6. Sebesar AS$150 juta atau setara dengan Rp1.725 miliar, untuk melakukan pelunasan seluruh utang Perseroan kepada Castleford Investment Holdings Ltd (“Castleford”).

Dana hasil PUT IV yang diperoleh dari Pembeli Siaga setelah dikurangi biaya emisi akan dipergunakan dengan prioritas pada poin 1, 5 dan 6 dari rencana penggunaan dana di atas.

Adapun jadwal kegiatan Right Issue IV tersebut sebagai berikut:
07 Jul 2014 Tanggal perdagangan bursa yang memuat HMETD (Cum HMETD) di Pasar Reguler dan Nego
08 Jul 2014 Tanggal perdagangan bursa tidak memuat HMETD (Ex HMETD) di Pasar Reguler dan Nego
11 Jul 2014 Tanggal perdagangan bursa yang memuat HMETD (Cum HMETD) di Pasar Tunai
14 Jul 2014 Tanggal perdagangan bursa tidak memuat HMETD (Ex HMETD) di Pasar Tunai
11 Jul 2014 Tanggal daftar pemegang saham yang berhak menerima HMETD (Recording Date)
14 Jul 2014 Tanggal distribusi HMETD
15 Jul 2014 Tanggal Pencatatan HMETD di Bursa Efek Indonesia (BEI)
15 Jul – 01 Sep 2014 Periode Perdagangan HMETD
15 Jul – 01 Sep 2014 Periode Pelaksanaan HMETD
17 Jul – 03 Sep 2014 Periode Penyerahan Saham Hasil Pelaksanaan HMETD
03 Sep 2014 Tanggal Terakhir Pembayaran Pemesanan Saham Tambahan
04 Sep 2014 Tanggal Penjatahan Efek Tambahan
05 Sep 2014 Tanggal pengembalian uang yang tidak memperoleh penjatahan


03 20140704 RIGHT ISSUE MADE BUMI SHAREHOLDERS MEETING RUN HARD
2016-07-04 09:09 PM
http://kusnandarlaw.blogspot.co.id/2014/08/right-issue-made-bumi-shareholders.html
RIGHT ISSUE MADE BUMI SHAREHOLDERS MEETING RUN HARD
Business New – July 4, 2014
Kusnandar & Co., Sunday, 10 August 2014 18:39

PT Bumi Resources Tbk [BUMI] always attracted investors’ attention and the mass media; understandable because the Extraordinary Meeting of Shareholders was delayed, since it failed to meet quorum. As planned the RUPLB meeting was scheduled for 15.00 PM and ended on 21.00 WIB on Monday [30/6].

One of the strenuous was BUM’s plan to release right issue, which the shareholders finally agreed to release right issue. As agreed, every shareholder holding 20 shares had the right over 31 HMETD shares.

The fund obtained from this limited offering would be used firstly, as company’s working capital amounting to around USD 15.8 Million base on Rp 11.500 exchange rate. Secondly the company would use around USD 48 million or equal to Rp 552 billion to realized USD 48 million or equal to Rp 552 billion to realize Block 13 and Block R2 program of Gallo oil which was a subsidiary company. Thirdly around USD 150 million or equal to Rp 1.72 trillion for debt payment to CBD, Asia Bank, Credit Suisse, and Deutsche Bank.

Fourthly around USD 32.58 million or around Rp 374.67 billion for executing feasibility for concession of copper and gold by PT Gorontalo Minerals. Fifthly around USD 150 million or Rp 1.72 trillion for payment of loan from China Investment Corporation [CIC] through Country Forest Limited on September 18, 2009. Sixthly, the fund would also be spent on payment of all company’s debt to Castleford Investment Holdings.

Of the total fund obtained, USD 600 million had been allocated for paying debt especially to China Investment Corporation [CIC] to the amount of USD 150 million followed by payment to Castleford Investment Holdings Ltd.

It was known that the standard minimum attendance of shareholders at the Extraordinary Meeting of Shareholders [RUPSLB] was 50% plus 1 provided there was no change in company’s rules. “It was agreed that for rights issue attendance is 99%” Commissioner of BUMI Anton Setianto Soedarsono was quoted as saying.

It was said that right issue was the right was to support company’s performance. He was even optimistic that this Corporate act could jack up performance of the coal mine. “Price trend of commodities is also good” he further said.

Meanwhile one of the shareholders named M Saladdin disclosed that the atmosphere at RUPSLB meeting was strenuous. Some shareholders even questioned the reason for BUMI to issue new B series just to pay debt; but as one of the shareholders he stated that he agreed to the rights issue plan proposed by the company. “It’s for paying debt, whet is there to say or do?” he said.

The Director and Company’s secretary of Bumi Resources Dileep disclosed that the shares to be distributed to shareholders in issuing rights issue was 26.174 shares lots at the most was 26.174 billion shares at the most.

He disclosed that the company would use the fund fro corporate act amounting to Rp 1,725 trillion for paying debt to China Investment Corporation [CIC] through Country Forest Limited.

Besides, the company would also use fund of Rp 1.725 trillion for paying debt to Castleford Investment Holdings Ltd, furthermore Rp 2.587 trillion would be used for settlement if “guaranteed Government bond due” 2014 issued by the company on August 5, 2009, and certain amount of debt to creditors the rest would be used as working capital.

The fund obtained from rights issue amounting to USD 15.8 million or Rp 182 billion would be used for company’s working and operational cost while USD 150,000,000 or Rp 1.725 trillion would be used for paying CDB, Axis Bank L 2011 UBS AG 2011-2012.

USD 48 million or Rp 552 billion for realization of program Block 13 and Block R2 of Gailo Oil Jersey, a subsidiary company. USD 32.58 million or Rp 374.67 billion for feasinility study by Gorontalo Mineral, a subsidiary company and USD 150,000,000 Rp 1.725 trillion for paying company’s debt to Bank BRI.

Rights issue of BUMI aimed at fund amounting to Rp 8.05 trillion through right issue to be launched in the next 2 months to reduce company’s debt. Director of BUMI Dileep Shrivastava as quoted by Bloombreg, disclosed that shareholders of BUMI Resources had given company’s approval to issue 32.3 billion new lots of serie B at Rp 250 per lot.

As planned the company would accomplish fund collecting on September 1, 2014 next, assuming that all shareholders had taken their shares. Bumi Resources needed a sun of money to pay their short term debt worth USD 4.7 billion after showing descend of performance due to falling coal price which brought the company closer to default.

This company of Bakrie Group hads suspended payment of interest of bond in USD which they issued and planned to sell asset for paying some debt to some creditors including China Investment Corp.

USD 150 million of this amount obtained through rights issue would be used for reducing debt to China Investment Corp amounting to USD 1.3 billion based on investors presentation on June 26 last.

Another USD 150 million would be used for paying debt to China Development Bank Corp, Credit Suisse Group AG, Deutsche Bank, UBS and Axia Bank Ltd and another USD 150 million would be used for paying debt to Castleford Investment Holdings Ltd. (SS)


03 20140922 1043 Tak Bisa Bayar Bunga Utang Rp 1 Triliun, Bakrie Sumatera Minta Nego
2016-07-04 09:17 PM
http://finance.detik.com/read/2014/09/22/104339/2696918/6/tak-bisa-bayar-bunga-utang-rp-1-triliun-bakrie-sumatera-minta-nego
Tak Bisa Bayar Bunga Utang Rp 1 Triliun, Bakrie Sumatera Minta Nego
Angga Aliya – detikfinance
Senin, 22/09/2014 10:43 WIB

Jakarta -PT Bakrie Sumatera Plantation Tbk (UNSP) terancam gagal bayar bunga obligasi senilai US$ 100 juta (Rp 1,1 triliun). Anak usaha Grup Bakrie itu akan bernegosiasi dengan para trustee alias pemegang obligasi.

Perusahaan sawit itu sudah menjelaskan kepada Bursa Efek Indonesia (BEI) bahwa jika bunga tersebut tidak dibayar, maka bisa menimbulkan event of default atas Secured Equity-linked Redeembale Notes senilai US$ 100 juta tersebut.

“Namun perusahaan sampai saat ini belum menerima notice event of default dari trustee yang ditujukan kepada perseroan,” kata Direktur Bakrie Sumatera Balakrishnan Chandrasekaran dalam keterangan tertulisnya, Senin (22/9/2014).

Ia mengatakan, perseroan sudah berbicara dengan para pemegang obligasi ini dan akan kembali melakukan negosiasi pada triwulan IV tahun ini.

“Saat ini terlalu dini untuk menyampaikan hal-hal yang dapat membatalkan negosasi yang dilakukan, karena sebagian besar lenders telah menyatakan komitmennya untuk mendukung proposal yang akan dilakukan perseroan,” ujarnya.

Saat ini saham UNSP masih dihentikan sementara alias suspensi oleh BEI. Otoritas Bursa menanti penjelasan dari UNSP terkait ancama gagal bayar tersebut. (ang/dnl)


03 20140922 1114 Tak Bisa Bayar Bunga Utang Rp 1 T, Saham Gocap Bakrie Plantation Dibekukan
2016-07-04 09:18 PM
http://finance.detik.com/read/2014/09/22/111434/2696963/6/tak-bisa-bayar-bunga-utang-rp-1-t-saham-gocap-bakrie-plantation-dibekukan
Tak Bisa Bayar Bunga Utang Rp 1 T, Saham Gocap Bakrie Plantation Dibekukan
Angga Aliya – detikfinance
Senin, 22/09/2014 11:14 WIB

Jakarta -PT Bakrie Sumatera Plantation Tbk (UNSP) tak bisa bayar bunga obligasi senilai US$ 100 juta (Rp 1,1 triliun). Perdagangan saham UNSP masih dihentikan (suspen) dari akhir pekan lalu.

Pekan lalu sahamnya dihentikan oleh PT Bursa Efek Indonesia (BEI) di harga Rp 50 per lembar. Sahamnya memang sudah berhenti bergerak dalam beberapa bulan terakhir. Juni lalu sempat naik ke Rp 51 per lembar tapi setelah itu turun lagi.

Kinerja perusahaan yang terhambat harga loyonya harga sawit jadi penyebabnya. Namun hingga triwulan pertama tahun ini, kinerja Bakrie Sumatera sudah mulai membaik.

Seperti dikutip dari situs BEI, Senin (22/9/2014), perusahaan mencatat omzet Rp 659 miliar dibandingkan posisi yang sama tahun sebelumnya hanya Rp 481 miliar. Perusahaan juga mencetak laba Rp 296 miliar dari sebelumnya rugi Rp 62 miliar.

Namun kinerjanya ini tidak berbanding lurus dengan sahamnya yang masih gocap. Padahal lima tahun lalu sahamnya empat berada di titik tertinggi sebesar Rp 1.010 per lembar.

Anak usaha Grup Bakrie itu mengaku akan bernegosiasi dengan para trustee alias pemegang obligasi atas event gagal bayar ini.

“Saat ini terlalu dini untuk menyampaikan hal-hal yang dapat membatalkan negosiasi yang dilakukan, karena sebagian besar lenders telah menyatakan komitmennya untuk mendukung proposal yang akan dilakukan perseroan,” ujar Direktur Bakrie Sumatera Balakrishnan Chandrasekaran. (ang/dnl)


02 20140922 1217 Bakrie Sumatera Tak Bisa Bayar Utang Rp 1 T, Apa Kata Grup Bakrie?
2016-07-04 09:15 PM
http://finance.detik.com/read/2014/09/22/115546/2697044/6/bakrie-sumatera-tak-bisa-bayar-utang-rp-1-t-apa-kata-grup-bakrie
Bakrie Sumatera Tak Bisa Bayar Utang Rp 1 T, Apa Kata Grup Bakrie?
Angga Aliya – detikfinance
Senin, 22/09/2014 12:17 WIB

Jakarta -PT Bakrie Sumatera Plantation Tbk (UNSP) tak bisa bayar bunga utang US$ 100 juta (Rp 1,1 triliun). Grup Bakrie ternyata tidak ambil pusing atas aksi gagal bayar ini.

Pasalnya, menurut salah satu sumber di Grup Bakrie, Bakrie Sumatera saat ini sudah tidak terafiliasi dengan PT Bakrie and Brothers Tbk (BNBR), induk usaha di banyak perusahaan Bakrie.

Pasalnya, berdasarkan data perdagangan Bursa Efek Indonesia (BEI), BNBR hanya punya 2.463.471 lembar saham saja di UNSP atau setara 0,02%.

“Kepemilikan masih ada, BNBR tetap masih pegang saham UNSP, tapi sudah tidak dicatat di lapkeu (laporan keuangan),” ujarnya kepada detikFinance, Senin (22/9/2014).

“Tidak konsolidasi lagi, UNSP bukan lagu unit usaha atau anak usaha BNBR,” tambahnya.

Berikut daftar pemegang saham Bakrie Sumatera:
* Credit Suisse AG Singapore Branch/Long Haul Holding Ltd 3,13%
* PT Asuransi Jiwa Sinarmas MSIG 3,06%
* Meivel Holdings Corporation 2,34%
* JP Morgan Bank Luxembourg SA1,76%
* PT Danatama Capital Management 2,04%
* Reksa Dana Penyertaan Terbatas Syailendra Multi Strategy Fund II 1,42%
* Citibank New York S/A Dimensional Emerging Markets Value Fund 1,33%
* PT Bakrie Kimia Investama 1,24%
* DBS Bank Ltd SG-PB Clients 1,16%
* Bakrie and Brothers 0,02%
* Publik 82,45%

Lantas mengapa UNSP masih pakai nama Bakrie? Apakah Grup Bakrie tidak keberatan dengan hal ini?

“Ganti nama itu tergantung pemegang saham. Bakrieland, Bakrie Telecom, Bumi Resources, dan lain-lain, juga sudah tidak konsolidasi lagi ke BNBR,” jelasnya.

Daftar perusahaan mantan ‘Bakrie Tujuh’, klik di sini. (ang/dnl)


01 20140923 1052 Saham Bakrie Sumatera Kembali Diperdagangkan, Harga Tetap Gocap
2016-07-04 09:14 PM
http://finance.detik.com/read/2014/09/23/105229/2698225/6/saham-bakrie-sumatera-kembali-diperdagangkan-harga-tetap-gocap
Saham Bakrie Sumatera Kembali Diperdagangkan, Harga Tetap Gocap
Angga Aliya – detikfinance
Selasa, 23/09/2014 10:52 WIB

Jakarta -PT Bursa Efek Indonesia (BEI) mencabut penghentian sementara (suspensi) saham PT Bakrie Sumatera Plantation Tbk (UNSP). Setelah dibuka, sahamnya bergeming.

“Bursa memutuskan untuk mencabut penghentian sementara perdagangan efek perseroan di seluruh di seluruh pasar sejak sesi I perdagangan hari ini,” kata Kepala Divisi Operasional Perdagangan Eko Siswanto dalam keterangan tertulis, Selasa (23/9/2014).

Sejak perdagangan dibuka sampai siang ini harga saham UNSP tetap berada di level Rp 50 alias gocap per lembar. Sahamnya sempat ditransaksikan lima kali sebanyak 1.782 lot senilai Rp 5,4 juta.

“Bursa mengimbau agar para pemangku kepentingan selalu memperhatikan keterbukaan informasi yang disampaikan perseroan,” ujarnya.

BEI menghentikan perdagangan saham UNSP sejak pekan lalu gara-gara perusahaan sawit tersebut tak bisa bayar bunga obligasi senilai US$ 100 juta (Rp 1,1 triliun). Anak usaha Grup Bakrie itu akan bernegosiasi dengan para trustee alias pemegang obligasi.

Perusahaan sawit itu sudah menjelaskan kepada Bursa Efek Indonesia (BEI), bahwa jika bunga tersebut tidak dibayar maka bisa menimbulkan event of default atas Secured Equity-linked Redeembale Notes senilai US$ 100 juta tersebut. Namun sampai saat ini belum ada kejelasan apakah Bakrie Plantation bisa membayar bunga utang tersebut. (ang/dnl)


05 20140925 1131 Belum Lapor Hasil Rights Issue, Saham Tambang Bakrie Kena Suspen
2016-07-04 09:21 PM
http://finance.detik.com/read/2014/09/25/113156/2700776/6/belum-lapor-hasil-rights-issue-saham-tambang-bakrie-kena-suspen
Belum Lapor Hasil Rights Issue, Saham Tambang Bakrie Kena Suspen
Angga Aliya – detikfinance
Kamis, 25/09/2014 11:31 WIB

Jakarta -Saham PT Bumi Resources Tbk (BUMI) dihentikan sementara (suspen) hari ini. Bursa Efek Indonesia (BEI) masih meminta penjelasan soal laporan penjatahan dalam penerbitan hak memesan efek terlebih dahulu (HMETD) alias rights issue BUMI.

Kepala Divisi Operasional Perdagangan BEI Eko Siswanto, mengatakan anak usaha Grup Bakrie itu sudah mendapat persetujuan dari pemegang saham lewat RUPSLB yang digelar 30 Juni lalu, namun hasilnya belum dilaporkan.

Selain itu, emiten berkode BUMI itu juga dianggap belum memberi penjelasan melalui keterbukaan infromasi kepada publik.

“Dalam rangka menjaga pasar yang teratur, wajar, dan efisien, Bursa memutuskan untuk melakukan penghentian sementara perdagangan efek BUMI di seluruh pasar sejak sesi I perdagangan Kamis 25 September 2014,” katanya di situs resmi BEI, Kamis (25/9/2014).

Suspensi ini akan dilakukan sampai dengan ada keputusan lebih lanjut dari BEI. Otoritas bursa meminta para pemangku kepentingan untuk memperhatikan setiap keterbukaan informasi yang disampaikan perseroan.

Seperti diketahui, BUMI menerbitkan saham baru dengan target dana Rp 8,05 triliun. Saham yang akan diterbitkan sebanyak 32,2 miliar lembar di harga Rp 250 per saham. (ang/dnl)


01 20140925 1340 Tak Bisa Bayar Utang Rp 4 Triliun, Bakrie Telecom Digugat Investor di AS
2016-07-04 09:13 PM
http://finance.detik.com/read/2014/09/25/134048/2701025/6/tak-bisa-bayar-utang-rp-4-triliun-bakrie-telecom-digugat-investor-di-as
Tak Bisa Bayar Utang Rp 4 Triliun, Bakrie Telecom Digugat Investor di AS
Angga Aliya – detikfinance
Kamis, 25/09/2014 13:40 WIB

New York -PT Bakrie Telecom Tbk (BTEL) dituntut investor di Amerika Serikat (AS) gara-gara dianggap gagal bayar obligasi senilai US$ 380 juta (Rp 4,1 triliun). Sudah dua kali operator Esia itu lalai bayar bunga utang.

Akibatnya, anak usaha Grup Bakrie itu terancam gagal bayar jika kembali lalai. Universal Investment Advisory SA, Vaquero Master EM Credit Fund Ltd, dan Trucharm Ltd merupakan tiga penggugat dalam kasus ini.

Sementara yang digugat adalah Bakrie Telecom Pte Ltd, BTEL, PT Bakrie Network, dan PT Bakrie Connectivity di Pengadilan New York.

Emiten berkode BTEl itu adalah induk usaha Bakrie Telecom Pte Ltd, perusahaan Singapura yang menerbitkan obligasi tersebut. Semetara Bakrie Network dan Bakrie Connectivity adalah perusahaan afiliasi BTEL.

Pihak penggugat, yang punya lebih dari 25% kepemilikan obligasi itu menyatakan surat utang tersebut akan jatuh tempo Mei 2015. Grup Bakrie dianggap dua kali gagal bayar bunga pada November 2013 dan Mei 2014.

“Tergugat telah mengakui bahwa ancaman gagal bayar ini akan terus berjalan tapi tidak ada pembayaran bunga yang dilakukan,” kata pihak penggugat dalam dokumen yang diterima Reuters, Kamis (25/9/2014).

“Dengan demikian besar kemungkinan tergugat akan mengalami gagal bayar untuk pembayaran November 2014,” tambahnya. (ang/dnl)


12 20141005 1915 Bumi Resources Ungkap Alasan Batalkan Rights Issue
2016-07-04 09:40 PM
http://bisnis.liputan6.com/read/2114617/bumi-resources-ungkap-alasan-batalkan-rights-issue
Bumi Resources Ungkap Alasan Batalkan Rights Issue
Agustina Melani, 05 Okt 2014, 19:15 WIB

Liputan6.com, Jakarta – PT Bumi Resources Tbk (BUMI) menyatakan pembatalan penerbitan saham baru senilai US$ 275 juta atau sekitar Rp 3,1 triliun karena mengalami kekurangan permintaan.

Hal itu disampaikan dalam materi publik perseroan yang disampaikan dalam keterbukaan informasi ke Bursa Efek Indonesia (BEI), yang ditulis Minggu (5/10/2014). Dalam penjelasan kepada otoritas bursa, perseroan mengalami kekurangan permintaan dalam rangka penawaran saham terbatas atau rights issue senilai US$ 275 juta.

Selain itu, para kreditor tidak bersedia menerima pembayaran pinjaman dalam bentuk saham. Perseroan melihat peluang positif untuk melakukan pembicaraan lebih lanjut dengan para kreditur guna menentukan langkah selanjutnya.

Alhasil perseroan tidak dapat memperoleh dana tunai US$ 275 juta atau sekitar Rp 3,16 triliun dari hasil penerbitan saham baru sekitar 12,65 miliar lewat rights issue. Perseroan memasukkan kembali 12,65 miliar saham ke dalam portepel.

Dana hasil rights issue antara lain digunakan untuk melunasi pinjaman antara lain kepada Axis Bank Limited 2011, Credit Suisse 2010-2012, Deutsche Bank 2011, UBS AG 2012, dan CBS 2011.

Perseroan juga membatalkan rights issue untuk merealisasikan anggaran proyek Gallo dan Gorontalo Minerals. Masing-masing perolehan dana rights issue itu US$ 48 juta untuk proyek Gallo Oil dan US$ 32,58 juta untuk proyek PT Gorontalo Minerals.

Berdasarkan prospektus yang diterbitkan 30 Juni 2014, perseroan akan melakukan rights issue dengan melepas 32,19 miliar saham. Total dana yang diincar sekitar Rp 7,7 triliun.

Dengan pembatalan rights issue senilai US$ 275 juta, pereroan hanya melepas 15,85 miliar saham dengan dana yang diraup mencapai Rp 3,61 triliun.

Dana hasil rights issue antara lain digunakan untuk modal kerja perseroan mencapai US$ 14 juta. Lalu perseroan melunasi sebagian fasilitas pinjaman dari China Investment Corporation melalui Country Forest Limited sebesar US$ 150 juta. Selain itu, perseroan juga melunasi seluruh utang perseroan kepada Castleford Investment Holdings Ltd sebesar US$ 150 juta.

Sejumlah pihak yang mengambil bagian dalam rights issue PT Bumi Resources Tbk antara lain publik sejumlah 11,53 juta saham. Lalu perusahaan milik grup Bakrie, Long Haul Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham.

Castleford Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham dengan PT Damar Reka Energi sebagai agen fasilitas castleford. Selain itu, PT Danatama Makmur sebagai pembeli siaga menyerap sekitar 2,04 miliar saham. (Ahm/)


06 20141006 1132 Sepi Peminat, Rights Issue Tambang Bakrie Turun Jadi Rp 3,6 Triliun
2016-07-04 09:22 PM
http://finance.detik.com/read/2014/10/06/113214/2710566/6/sepi-peminat-rights-issue-tambang-bakrie-turun-jadi-rp-36-triliun
Sepi Peminat, Rights Issue Tambang Bakrie Turun Jadi Rp 3,6 Triliun
Dewi Rachmat Kusuma – detikfinance
Senin, 06/10/2014 11:32 WIB

Jakarta -PT Bumi Resources Tbk (BUMI) memberi penjelasan kepada pemegang saham atas rencana penerbitan saham baru dengan hak memesan efek terlebih dahulu (HMETD) alias rights issue yang sepi peminat.

Dari target raupan dana Rp 8 triliun, BUMI hanya akan mengantongi dana sekitar Rp 3,6 triliun. Public Expose insidentil digelar BUMI di ruang Avara 123 Avara Lounge & Function Hall Epiwalk, Jakarta, Senin (6/10/2014).

Perusahaan tambang Grup Bakrie itu menjelaskan pembatalan penerbitan sebagian saham dalam rights issue tersebut di hadapan seratusan pemegang saham yang sudah diundang untuk hadir.

“Saya mohon pengertiannya kepada pemegang saham,” kata Presiden Direktur BUMI Ari Saptari Hudaya di acara tersebut.

Awalnya, perseroan berniat melakukan rights issue dengan melepas 32,19 miliar saham seri biasa atas nama Seri B dengan nilai nominal Rp 250 per saham sehingga seluruhnya bernilai sebanyak-banyaknya Rp 8 triliun.

Dengan pembatalan rights issue senilai US$ 275 juta, perseroan hanya melepas 15,85 miliar saham dengan dana yang diraup mencapai Rp 3,61 triliun.

Perseroan mengalami kekurangan permintaan (undersubscription) dan para kreditor tidak bersedia menerima pembayaran pinjaman dalam bentuk saham.

Alhasil perseroan gagal dapat dana segar US$ 275 juta dari hasil penerbitan saham baru sekitar 12,65 miliar lembar. Perseroan memasukkan kembali 12,65 miliar saham ke dalam portepel.

Anggaran untuk proyek Gallo dan Gorontalo Minerals juga dibatalkan. Tadinya ada dana dari rights issue US$ 48 juta untuk proyek Gallo Oil dan US$ 32,58 juta untuk proyek PT Gorontalo Minerals.

Dana hasil rights issue antara lain digunakan untuk melunasi pinjaman antara lain kepada Axis Bank Limited 2011, Credit Suisse 2010-2012, Deutsche Bank 2011, UBS AG 2012, dan CBS 2011.

Dana hasil rights issue antara lain digunakan untuk modal kerja perseroan mencapai US$ 14 juta. Lalu perseroan melunasi sebagian fasilitas pinjaman dari China Investment Corporation melalui Country Forest Limited sebesar US$ 150 juta. Selain itu, perseroan juga melunasi seluruh utang perseroan kepada Castleford Investment Holdings Ltd sebesar US$ 150 juta.

Sejumlah pihak yang mengambil bagian dalam rights issue PT Bumi Resources Tbk antara lain publik sejumlah 11,53 juta saham. Lalu perusahaan milik grup Bakrie, Long Haul Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham.

Castleford Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham dengan PT Damar Reka Energi sebagai agen fasilitas castleford. Selain itu, PT Danatama Makmur sebagai pembeli siaga menyerap sekitar 2,04 miliar saham. (drk/ang)


04 20141006 1242 Punya Utang Rp 44 Triliun, Bagaimana Tambang Bakrie Membayarnya?
2016-07-04 09:11 PM
http://finance.detik.com/read/2014/10/06/124235/2710625/6/punya-utang-rp-44-triliun-bagaimana-tambang-bakrie-membayarnya
Punya Utang Rp 44 Triliun, Bagaimana Tambang Bakrie Membayarnya?
Dewi Rachmat Kusuma – detikfinance
Senin, 06/10/2014 12:42 WIB

Jakarta -PT Bumi Resources Tbk (BUMI) saat ini punya total utang US$ 4 miliar atau sekitar Rp 44 triliun. Utang ini berasal dari berbagai institusi.

Direktur sekaligus Sekretaris Perusahaan BUMI Dileep Srivastava mengatakan, utang tersebut akan dikurangi hingga menjadi US$ 2,2 miliar atau sekitar Rp 24 triliun tahun depan.

“Saat ini total utang BUMI US$ 4 miliar, tahun depan akan diturunkan jadi US$ 2,2 miliar,” kata Dileep di acara Public Expose Insidentil BUMI di ruang Avara 123 Avara Lounge & Function Hall Epiwalk, Jakarta, Senin (6/10/2014).

Tambang Grup Bakrie itu baru saja mengumumkan penerbitan saham baru dengan hak memesan efek terlebih dahulu (HMETD) alias rights issue yang sepi peminat. Dari target raupan dana Rp 8 triliun, BUMI hanya akan mengantongi dana sekitar Rp 3,6 triliun.

Perseroan mengalami kekurangan permintaan (undersubscription) ditambah para kreditor yang tidak bersedia menerima pembayaran pinjaman dalam bentuk saham.

Dana hasil rights issue antara lain digunakan untuk melunasi pinjaman antara lain kepada Axis Bank Limited pada tahun 2011, Credit Suisse 2010-2012, Deutsche Bank 2011, UBS AG 2012, dan CBS 2011.

Perseroan juga akan melunasi sebagian fasilitas pinjaman dari China Investment Corporation (CIC) melalui Country Forest Limited sebesar US$ 150 juta dan seluruh utangnya kepada Castleford Investment Holdings Ltd sebesar US$ 150 juta.

Sejumlah pihak yang mengambil bagian dalam rights issue PT Bumi Resources Tbk antara lain publik sejumlah 11,53 juta saham. Lalu perusahaan milik grup Bakrie, Long Haul Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham.

Selain itu Castleford Holding Ltd melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham dengan PT Damar Reka Energi sebagai agen fasilitas Castleford. Danatama Makmur sebagai pembeli siaga menyerap sekitar 2,04 miliar saham. (ang/dnl)


14 20141006 2125 Bumi Trims Size of Rights Issue After Creditors Refuse to Be Paid With Shares i
2016-07-04 09:43 PM
http://jakartaglobe.beritasatu.com/business/bumi-trims-size-of-rights-issue-after-creditors-refuse-to-be-paid-with-shares/
Bumi Trims Size of Rights Issue After Creditors Refuse to Be Paid With Shares i
By : Muhamad Al Azhari | on 10:12 PM October 06, 2014
[This story was first published at 21:25 p.m. on Monday, Oct. 6, 2014]


Bumi Resources’ jetty in Kalimantan. The coal miner is the largest operating in Indonesia. (Photo Courtesy of Bumi Resources)

http://img.thejakartaglobe.com/2014/10/Screen-shot-2014-10-06-at-10.48.03-PM.png?_ga=1.185403561.1462910031.1467626143

Jakarta. Bumi Resources, the country’s biggest coal miner by production volume, has trimmed the size of rights issue proceeds by more than half, after creditors refused the company’s offer to be paid with shares, the company said in a statement on Monday.

Bumi raised Rp 3.96 trillion ($324.5 million), pricing its new shares at Rp 250 each after it cut the total number of new shares issued in their rights issue to 15.85 billion from 32.2 billion.

That is below their Rp 8.05 trillion target, according to the company’s prospectus published on June 30, 2014.

Bumi initially offered its shares via a rights issue scheme to Axis Bank, Credit Suisse, Deutsche Bank, UBS and China Development Bank to repay a total of $275 million in debt.

“Those creditors were not willing to be paid with shares,” the company said in a presentation on Monday.

The parties who have subscribed to Bumi’s rights issue are Bakrie-affiliated vehicle companies Long Haul and Castleford and investment bank Danatama Makmur as a standby buyer under a standby purchase agreement of June 19.

Bumi also said on Monday it dropped its plan to sell new shares worth about $81 million for drilling and exploration of the company’s energy and metal assets.

Bumi previously said it had planned to spend $48 million to help fund exploration of commercial hydrocarbon in the concession area owned by Gallo Oil in Yemen.

The proceeds from the impending lower-than-targeted rights issue will help Bumi to fund its working capital, including operating costs and considerable interest payment (Rp 161 billion).

Bumi will also be able to service its loan via part-payments to China’s sovereign wealth fund China Investment Corporation ($150 million) and make a full repayment of its loan to Castleford Investment Holdings ($150 million).

“Bumi is engaged in individual dialogues with the concerned lenders on managing the debt, in addition to the contractors for developing our potentially high value energy and metal assets to achieve alternate win-win solutions,” Dileep Srivastava, a director and corporate secretary at Bumi said in an e-mail to the Jakarta Globe on Monday.

He added the company is now focused on reducing debt by $2 billion and bringing interest costs down by more than 50 percent by the end of 2015.

Dileep also said Bumi is expecting a gradual increase in coal production over the coming years.

“Our operations are very strong on volumes. Costs have been significantly lowered, infrastructure enhanced and upgraded to ensure coal mine capability reaches 100 million tons in 2015, compared with 90 million tons [estimated] in 2014,” he said.


17 20141007 Bumi Resources seeks to renegotiate with creditors as rights issue failed to reach target
2016-07-04 09:54 PM

Bumi Resources seeks to renegotiate with creditors as rights issue failed to reach target

Bumi Resources seeks to renegotiate with creditors as rights issue failed to reach target
October 7, 2014

JAKARTA (Rambu Energy) – PT Bumi Resources Tbk, the country’s largest coal producer, said it will renegotiate with its creditors after its move to launch rights issue to raise funds of Rp8.05 trillion was far below target (under-subscribed).

Initially, the company decided to issue new shares of 32.198 billion units, at a price of Rp250 per share. The rights issue plan (PUT IV) has been approved by the company’s shareholders at the company’s extraordinary shareholders on June 30.

The company was supposed to raise net proceeds of Rp7.7 trillion from the original rights issue plan. Of this, the company planned to pay debts to its creditors amounting to US$275 million or Rp3.16 trillion. The creditors are (1) Axis Bank Ltd, (2) Credit Suisse, (3) Deutsche Bank, (4) UBS AG, and (5) CDB.

It said US$48 million of the rights issue proceed was supposed to fund the development of Block 13 and Block R2, owned by the company’s subsidiary Gallo Oil (Jersey) Ltd.

As much as US$32.58 million was supposed to fund feasibility study of its gold and copper project, which is being developed by its unit PT Gorontalo Minerals.

In addition, US$150 million planned proceeds was supposed to pay debts to China Investment Corporation (CIC) through Country Forest Ltd. And the remaining US$150 million was supposed to pay out debts to Castleford Investment Holdings Ltd.
It said US$14 million was for strengthen its working capital.

It turned out that the rights issue plan was under-subscribed. Bumi only managed to raise Rp3.96 trillion and net proceeds of Rp3.61 (US$344 million) from the rights issue. Therefore, it decided to cancel portion of the rights issue as some investors declined to exercise their rights.

Of this rights issue proceeds, US$14 million is allocated for working capital, US$150 million is allocated to pay loan facility to CIC and US$150 million is to repay its whole debts to Castleford Investment Holdings Ltd.

“The rights issue was under-subscribed and creditors declined its debts to be repaid with shares (equity),” the company said in a statement to the Indonesian Stock Exchange.

“The company now sees opportunity to hold further talks with creditors on what steps to be taken,” it said.

The below-target rights issue has prompted the Indonesian Stock Exchange to suspend the company’s shares trading.

Bumi’s President Director Ari S. Hudaya expressed its disappointment over the move by its individual investors not to exercise their rights. In addition, he also regretted that the company’s creditors rejected their debts to be settled with equity.

The decision by investors not to exercise their rights indicates that the investors have little trust to the Management’s plan. Some analysts say the results of the rights issue is a “no confidence vote” to the management.

Bumi’s Director and Corporate Secretary Dileep Srivastava said Monday that Bumi Resources will now turn its focus to hold one-on-one renegotiation with its key creditors as well as with contractors so that they will carry on the existing projects.

Currently, Bumi has total debts of US$4.4 billion or equal to Rp44 trillion. Bumi aims to cut the debts by half and reduce the interest rates by 50 percent through renegotiation.

Bumi Resources capital structure after the rights issue is as follows:

Before rights issue:

  • Credit Suisse AG SG Branch S/A – LHHL: 23.09 percent
  • Raiffeisen Bank International AG, Singapore Branch S/A Long Haul Holdings Ltd: 6.09 percent
  • Public (below 5 percent ownership): 70.82 percent

After rights issue:

  • Credit Suisse AG SG Branch S/A – LHHL: 13.09 percent
  • Raiffeisen Bank International AG, Singapore Branch S/A Long Haul Holdings Ltd: 3.45 percent
  • Public: 40.17 percent

B-series shares:

  • Long Haul through PT Karsa Daya Rekatama: 18.84 percent
  • Castleford through PT Damar Reka Energi: 18.84 percent
  • Standby buyer: 5.58 percent
  • Public: 0.03 percent

(editorial@rambuenergy.com)


08 20141010 RIGHTS ISSUE SEPI PEMINAT BUMI MEMBURU UTANG
2016-07-04 09:26 PM
http://www.businessnews.co.id/ekonomi-bisnis/rights-issue-sepi-peminat-bumi-memburu-utang.php
RIGHTS ISSUE SEPI PEMINAT BUMI MEMBURU UTANG
Jakarta, 7 Oktober 2014 (Business News)
10 October 2014

PT Bumi Resources Tbk (BUMI) berencana mencari pinjaman perbankan untuk melunasi utang-utangnya yang mencapai USD4 miliar (Rp44 triliun). Pencarian pinjaman ini dilakukan setelah penerbitan saham baru dalam dengan hak memesan efek terlebih dahulu (HMETD) atau rights issue perseroan sepi peminat. Pihak pemberi utang juga menolak dibayar dengan saham tapi ingin uang tunai. Oleh karena itu perusahaan akan mencoba melakukan refinancing.

Dalam Public Expose Insidentil BUMI di ruang Avara 123 Avara Lounge & Function Hall Epiwalk, Jakarta, Senin (6/10), terungkap BUMI gagal meraup dana rights issue seperti yang ditargetkan. Mayoritas pemegang saham BUMI tidak mengeksekusi haknya pada pelaksanaan rights issue yang digelar beberapa waktu lalu.

Manajemen BUMI menjelaskan dari total 32,19 miliar saham yang ditawarkan, yang terserap hanya 15,85 miliar. Dengan harga pelaksanaan Rp250 per saham, maka total nilai rights issue hanya Rp3,61 triliun. Padahal, manajemen berharap, dana yang terkumpul bisa mencapai Rp8,04 triliun. Oleh karena itu, BUMI pun batal menerbitkan sekitar 16,34 miliar sisa saham dan memasukkannya kembali ke dalam portepel perusahaan.

Pembatalan ini terjadi lantaran perseroan mengalami kekurangan permintaan dan ditambah pula keengganan kreditor menerima pembayaran pinjaman dalam bentuk saham. Dengan kata lain, sejauh ini perseroan tidak dapat memperoleh dana tunai dari hasil right issue. Padahal, dana hasil rights issue antara lain akan digunakan untuk melunasi pinjaman kepada Axis Bank Limited 2011, Credit Suisse 2010-2012, Deutsche Bank 2011, UBS AG 2012, dan CBS 2011.

Dengan pembatalan rights issue tersebut, perseroan hanya melepas 15,85 miliar saham dengan dana yang diraup mencapai Rp3,61 triliun. Dana hasil rights issue digunakan untuk modal kerja perseroan mencapai 14 juta dollar AS.

Perseroan berniat melunasi sebagian fasilitas pinjaman dari China Investment Corporation melalui Country Forest Limited sebesar 150 juta dollar AS. Selain itu, BUMI juga melunasi seluruh utang perseroan kepada Castleford Investment Holdings Ltd sebesar 150 juta dollar AS.

Beberapa pihak yang mengambil bagian dalam rights issue PT Bumi Resources Tbk. antara lain publik sejumlah 11.530.427 saham. Ada pula perusahaan milik grup Bakrie, Long Haul Holding Ltd. melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham. Castleford Holding Ltd. melalui mekanisme debt to equity conversion sejumlah 6,9 miliar saham dengan PT Damar Reka Energi sebagai agen fasilitas castleford. Selain itu, PT Danatama Makmur sebagai pembeli siaga menyerap sekitar 2.042.090.000 saham.

Alhasil, BUMI tidak bisa membayar tanggungan utang kepada sejumlah kreditur dengan total nilai Rp3,16 triliun atau sekitar USD275 juta. Kreditur-kreditur yang dimaksud adalah Axis Bank LImited, Credit Suisse, Deutsche Bank, UBS AG, dan China Development Bank (CDB). BUMI sedang melakukan negosiasi terkait. Tidak hanya itu, BUMI juga tidak ada alokasi dana untuk membiayai proyek-proyeknya, terutama proyek yang dimiliki Gallo Oil (Jersey) Ltd dan PT Gorontalo Minerals. Namun, pihaknya mendapatkan project financing dan para kontraktor bersedia dibayar dengan saham.

Dengan demikian, dana hasil rights issue hanya bisa digunakan untuk modal kerja yang meliputi biaya operasional dan pembayaran bunga. Nilainya sebesar Rp161 miliar atau sekitar USD14 juta. Kemudian, pelunasan sebagian fasilitas pinjaman milik China Investment Corporation (CIC) melalui Country Forest Limited (CFL).

Nilai pinjaman setara dengan USD150 juta atau Rp1,72 triliun. Ini merupakan bagian dari tukar utang dengan saham (debt to equity swap) antaran BUMI dan CIC. Jadi, bukan dana tunai yang dibuhkan, melainkan saham. Selanjutnya, untuk pelunasan seluruh utang BUMI kepada Castleford Investment Holdings Ltd dengan nilai dan mekanisme yang sama dengan CIC.

Utang pokok Bumi ke CIC saat ini tercatat sebesar USD1,3 miliar atau sekitar Rp15,6 triliun dengan tingkat bunga 12 persen per tahun. Dari jumlah tersebut, sebanyak USD600 juta akan jatuh tempo pada Oktober 2014 dan sebesar USD700 juta pada Oktober 2015

Untuk itulah salah satu solusi terbaik yang dilakukan BUMI mencari pinjaman yang bunganya lebih murah dari utang saat ini. Utang perseroan akan dikurangi hingga menjadi USD2,2 miliar atau sekitar Rp24 triliun tahun 2015. Lembaga-lembaga yang akan menerima pembayaran tahun 2014 antara lain Axis Bank Limited, Credit Suisse, Deutsche Bank 2011, UBS AG, dan CBS, China Investment Corporation (CIC) melalui Country Forest Limited dan Castleford Investment Holdings.

Presiden Direktur PT Bumi Resources Tbk. (BUMI) Ari S. Hudaya, mengungkapkan, kreditor perusahaan salah satu milik Grup Bakrie itu, tidak bersedia menerima pembayaran pinjaman dalam bentuk saham. “Ya mereka kan bukan investor, mereka bank. Mereka maunya uang,” ujar Ari, seraya menambahkan keengganan kreditor tersebut membuatnya harus mencari jalan mencari uang. Menurut dia, kemungkinan besar jalan yang akan ditempuh adalah refinancing.

Utang Bumi yang jatuh tempo
1. 2012 mencapai USD638 juta (Rp6,38 triliun).
2. 2013 mencapai USD1,1 miliar
3. 2014 mencapai USD635 juta
4. 2015 sebesar USD313 juta
5. 2016 sebesar USD450 juta
6. 2017 sebesar USD700 juta.
(Sg)


28 20141111 1054 UPDATE 1-Bumi Resources shares plunge after S&P cuts debt rating
2016-07-04 10:14 PM
http://www.reuters.com/article/bumi-resources-bonds-idUSL3N0T15SM20141111
UPDATE 1-Bumi Resources shares plunge after S&P cuts debt rating
Tue Nov 11, 2014 10:54am EST
By Eveline Danubrata
Editing by David Holmes

JAKARTA Nov 11 PT Bumi Resources Tbk shares plunged more than 10 pct on Tuesday after a leading credit agency downgraded a rating on debt issued by Indonesia’s biggest coal miner to “default” status in response to a missed interest payment.

Standard & Poor’s (S&P) cut its rating on Bumi’s $700 million bond due 2017 to “D” after the company missed an interest payment. The coupon had been due on Oct. 6 and Bumi said it would make the payment at the end of November, after a 30-day grace period expired.

“We lowered the issue rating on the $700 million notes because Bumi Resources, the guarantor, has failed to make the interest payment within the 30-day grace period allowed under the bond indenture,” said S&P credit analyst Vishal Kulkarni.

However, Bumi Resources Director Dileep Srivastava questioned the rationale behind the move.

Srivastava said in an e-mail that the S&P report was “devoid of ground reality, employing an outdated model ignoring the mitigating factors and steps the company has taken to counter the weak sector sentiment and sharply falling prices.”

The company has been trying to improve sales and reduce costs, Srivastava said, adding it was committed to settling its obligations in “as timely a manner as possible bearing today’s environment in mind”.

Bumi, which last year agreed a $1.36 billion debt-for-equity swap with Chinese sovereign wealth fund China Investment Corp , has been struggling to service its debt amid depressed coal prices.

The company had planned to sell new shares to its creditors last month, but was forced to slash the size of the rights issue by about half due to tepid demand. Bumi’s shares have fallen more than 60 percent so far this year.

In August, Bumi narrowly avoided default on its $375 million convertible bonds after bondholders approved a proposed restructuring of the debt.

Bumi’s latest failure to pay interest on the $700 million bond “highlights Bumi’s financial stress and the complexity of its ongoing balance sheet restructuring,” Brian Grieser, senior analyst at Moody’s Investors Service, said last week.

“We expect Bumi’s efforts to restructure its debts, ease liquidity pressures and improve leverage to extend into 2015 and potentially 2016.”

Bumi Resources shares fell 10.6 percent to their lowest since Oct. 16, far underperforming the broader Jakarta stock exchange, which rose 1.4 percent.


20 20141204 1050 Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun
2016-07-04 09:59 PM
http://finance.detik.com/read/2014/12/04/105017/2767504/6/dicap-gagal-bayar-tambang-bakrie-ingin-kurangi-utang-rp-24-triliun?f9911023
Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun
Dewi Rachmat Kusuma – detikfinance
Kamis, 04/12/2014 10:50 WIB

Jakarta -Manajemen PT Bumi Resources Tbk (BUMI) mengaku kecewa atas diturunkannya peringkat utang Perseroan menjadi default (D) dari sebelumnya selective default (SD). Perusahaan tambang Grup Bakrie itu sudah berniat mengurangi utangnya yang sekarang mencapai Rp 44 triliun.

Menurut Direktur sekaligus Sekretaris Perusahaan BUMI Dileep Srivastava, posisi utang tersebut adalah per akhir Juni 2014. Perseroan akan menurunkan tingkat utangnya menjadi tinggal Rp 24 triliun di akhir 2015.

“Tujuan kami adalah mengurangi utang yang posisi Juni 2014 sebesar US$ 3,7 miliar menjadi di bawah US$ 2 miliar pada akhir 2015,” ujarnya kepada detikFinance, Kamis (4/12/2014).

Dalam bahan paparan publiknya, perusahaan tambang Grup Bakrie itu masih punya 12 utang berbagai jenis ke beberapa pihak per September 2014.

Berikut rinciannya:
* Guaranteed Convertible Bond I sebesar US$ 375 juta
* Country Forest Limited Facility 2009 sebesar US$ 1,037 miliar
* Guaranteed Senior Secured Notes sebesar US$ 300 juta
* Credit Suisse 2010 Facility – 2 (Amended & Restated) sebesar US$ 117,5 juta
* Guaranteed Senior Secured Notes II sebesar US$ 700 juta
* UBS AG Facility sebesar US$ 62,5 juta
* Axis Bank Limited Facility 2011 sebesar US$ 140 juta
* Deutsche Bank 2011 Facility sebesar US$ 54 juta
* China Development Bank Facility sebesar US$ 600 juta
* RBI Loan Facility sebesar US$ 80,69 juta
* Credit Suisse Facility -2014 sebesar US$ 114,31 juta
* Castleford Investment Holdings Ltd Facility 2013 sebesar US$ 150 juta

Dengan demikian total utangnya mencapai US$ 3,731 miliar atau sekitar Rp 44,77 triliun. Salah satu cara yang ditempuh BUMI untuk membayar utang adalah melalui penerbitan saham baru dengan mekanisme hak memesan efek terlebih dahulu (HMETD) alias rights issue. (ang/dnl)


19 20141204 1134 (Sapa mo bantu?)Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun
2016-07-04 09:57 PM
http://www.kaskus.co.id/thread/547fe4515074109d5a8b458a/sapa-mo-bantudicap-gagal-bayar-tambang-bakrie-ingin-kurangi-utang-rp-24-triliun/
(Sapa mo bantu?)Dicap ‘Gagal Bayar’, Tambang Bakrie Ingin Kurangi Utang Rp 24 Triliun

Jakarta -Manajemen PT Bumi Resources Tbk (BUMI) mengaku kecewa atas diturunkannya peringkat utang Perseroan menjadi default (D) dari sebelumnya selective default (SD). Perusahaan tambang Grup Bakrie itu sudah berniat mengurangi utangnya yang sekarang mencapai Rp 44 triliun.

Menurut Direktur sekaligus Sekretaris Perusahaan BUMI Dileep Srivastava, posisi utang tersebut adalah per akhir Juni 2014. Perseroan akan menurunkan tingkat utangnya menjadi tinggal Rp 24 triliun di akhir 2015.

“Tujuan kami adalah mengurangi utang yang posisi Juni 2014 sebesar US$ 3,7 miliar menjadi di bawah US$ 2 miliar pada akhir 2015,” ujarnya kepada detikFinance, Kamis (4/12/2014).

Dalam bahan paparan publiknya, perusahaan tambang Grup Bakrie itu masih punya 12 utang berbagai jenis ke beberapa pihak per September 2014.

Berikut rinciannya:

Guaranteed Convertible Bond I sebesar US$ 375 juta
Country Forest Limited Facility 2009 sebesar US$ 1,037 miliar
Guaranteed Senior Secured Notes sebesar US$ 300 juta
Credit Suisse 2010 Facility – 2 (Amended & Restated) sebesar US$ 117,5 juta
Guaranteed Senior Secured Notes II sebesar US$ 700 juta
UBS AG Facility sebesar US$ 62,5 juta
Axis Bank Limited Facility 2011 sebesar US$ 140 juta
Deutsche Bank 2011 Facility sebesar US$ 54 juta
China Development Bank Facility sebesar US$ 600 juta
RBI Loan Facility sebesar US$ 80,69 juta
Credit Suisse Facility -2014 sebesar US$ 114,31 juta
Castleford Investment Holdings Ltd Facility 2013 sebesar US$ 150 juta
Dengan demikian total utangnya mencapai US$ 3,731 miliar atau sekitar Rp 44,77 triliun.
Salah satu cara yang ditempuh BUMI untuk membayar utang adalah melalui penerbitan saham baru dengan mekanisme hak memesan efek terlebih dahulu (HMETD) alias rights issue.


22 20150522 0814 Bumi Resources Gets Five-Month Extension of Debt Moratorium
2016-07-04 10:01 PM
http://www.bloomberg.com/news/articles/2015-05-22/bumi-resources-gets-five-month-extension-of-debt-moratorium
Bumi Resources Gets Five-Month Extension of Debt Moratorium
David Yong, May 22, 2015 – 8:14 AM WIB
Updated on May 22, 2015 – 2:46 PM WIB

PT Bumi Resources, Asia’s most-indebted coal miner, obtained a five-month extension of a debt moratorium, allowing it to fend off creditors after it defaulted on two of its dollar bonds last year.

The extra time granted by a Singapore court on Thursday will end on Oct. 24, Chris Fong, a Jakarta-based spokesman for the group, said in a phone interview. He declined to disclose details of the debt workout, saying more time is needed to complete the process.

The extension came before an initial six-month freeze on creditor actions expires Sunday. Three Bumi units in Singapore, which have $1.375 billion of dollar-denominated debt outstanding, in December filed for Chapter 15 court protection in the U.S., each listing assets and debt of as much as $1 billion.

A slump in the coal market has depressed producers from Indonesia to China and the U.S., contributing to some of the 58 defaults in 2014, according to Standard & Poor’s. Earlier this month, Chinese coking-coal importer Winsway Enterprises Holdings Ltd. defaulted on $309 million of bonds while PT Berau Coal Energy is seeking to extend the maturity on $950 million of debentures.

“The coal industry is still going through a consolidation and shutdown phase, so coal assets will not get a good price with thin merger and acquisition flow,” Helen Lau, a mining analyst in Hong Kong at Argonaut Securities (Asia) Ltd., said. “Any recovery in demand this year is going to be weak and highly leveraged companies will still struggle to revive earnings.”

‘Sustainable Levels’

Coal prices tumbled 54 percent to $62.30 per metric ton in the four years through 2014, and have fallen further to $55.80 as of May 21, according to futures contracts for the commodity at Newcastle port in Australia. Bumi shares rose as much 9.1 percent in intraday trade to 96 rupiah in Jakarta on Friday.

The objective is “to bring down debt to sustainable levels as early as possible,” Bumi said in a stock exchange filing on Jan. 21. The company is ready for the next upturn in the coal market, whenever this takes place, it said. Its capital reorganization may include asset sales to repay creditors, a separate filing shows.

Bumi skipped a semi-annual coupon payment on its $700 million of 10.75 percent 2017 notes in November following a 30-day grace period, prompting S&P and Moody’s Investors Service to declare a default. It also missed an interest payment on $300 million of 12 percent 2016 notes in December.

Convertible Bonds

The 2016 debentures rose from a three-month low, adding 0.8 cents to 28.34 cents on the dollar as of 3:44 p.m. in Hong Kong on Friday, according to prices compiled by Bloomberg. The 2017 notes fell 0.7 cents to a three-month low of 28.34 cents. Both securities fell to record lows of less than 20 cents in January. They were sold at par, or 100 cents on the dollar.

Bumi Resources restructured $375 million of convertible bonds in August by extending their maturity, after selling stakes in some coal-producing units to China Investment Corp. to pare debt. The Bakrie group, which controls Bumi, also defaulted on notes issued by PT Bakrieland and PT Bakrie Telecom, according to Bloomberg data.

At Bumi Resources, current liabilities exceeded assets by $4.63 billion as at the end of September, it said in an interim report in January. It’s also defaulted on some loan agreements as a result of non-payment to bondholders.

Bondholders formed an ad-hoc group on Dec. 3 to discuss a “comprehensive capital structure solution” with the company, the group’s financial adviser Houlihan Lokey Inc. said. It also named Kirkland & Ellis LLP as a legal adviser.

Bakries Say ‘No Easy Fixes’ to Bumi Default Until Coal Rebounds
http://www.bloomberg.com/news/articles/2014-11-12/bakries-say-no-easy-fixes-to-bumi-default-until-coal-rebounds


27 20150929 1137 Bumi resources seeks debt relief as $4bn burden gets heavy
2016-07-04 10:13 PM

Bumi resources seeks debt relief as $4bn burden gets heavy

Bumi resources seeks debt relief as $4bn burden gets heavy
David Yong (Bloomberg) | 29 September 2015 11:37

Indonesian miner can only sustain less than half of its debt load.

A new restructuring plan from PT Bumi Resources failed to stop Asia’s most-indebted coal miner’s bonds sinking to a record low Tuesday.

The proposal seeks to convert $1.5 billion of loans and bonds into a 32.5 percent equity stake in the Jakarta-based company, according to a stock exchange filing late Monday. It will also require sovereign wealth fund China Investment Corp. and China Development Bank to swap $780 million of debt with shares in Bumi and unlisted units. Some $410 million of convertible notes will turn into stock after five years, under the plan.

Bumi chose a torrid time to seek a reprieve from lenders as markets punish firms from Glencore Plc to Noble Group Ltd. amid a global commodities rout. The Indonesian miner said it can only sustain less than half of its $4 billion debt load as coal prices, which tumbled 54 percent in the four years through 2014, sank further to $55.45 on Monday.

“Coal demand could slow further as coal consumption is being replaced by more clean energy,” said Helen Lau, a mining analyst in Hong Kong at Argonaut Securities (Asia) Ltd. “We expect coal supply to shrink further as more companies cut production or shut mines. For creditors, some deep haircuts cannot be avoided.”

Bumi’s 2016 dollar notes earlier traded down 0.5 cents at a record-low 18.525 cents on the dollar in Hong Kong, according to prices compiled by Bloomberg, and were little changed at 19.017 cents as of 4:20 p.m. Its 2017 notes fell to the same price, also an all-time low. They were both sold to investors at par, or 100 cents on the dollar.

October Deadline

Bumi aims to garner feedback and consent from creditors by Oct. 22, and wants to implement the plan under Indonesian restructuring law. The revised debt terms came before a moratorium from a Singapore court expires on Oct. 24. Last December, three Bumi units in Singapore, which have $1.375 billion of dollar-denominated debt outstanding, filed for Chapter 15 court protection in the U.S. to fend off creditors.

Bumi plans to hold bondholder meetings next week in London and the following week in Asia with parties including Chinese creditors, a person familiar with the matter said today, asking not to be identified because the details are private.

The Bakrie group, which controls Bumi Resources, also defaulted on notes issued by PT Bakrieland and PT Bakrie Telecom in 2013, according to data compiled by Bloomberg. This year, Chinese coking-coal importer Winsway Enterprises Holdings Ltd. defaulted on $309 million of bonds, and Jakarta-based PT Berau Coal Energy is embroiled in a $950 million debt restructure with bondholders.

Bumi units skipped a semi-annual coupon payment on $700 million of 10.75 percent 2017 notes in November following a 30- day grace period, prompting Standard & Poor’s and Moody’s Investors Service to declare a default. It also missed an interest payment on $300 million of 12 percent 2016 securities in December.
©2015 Bloomberg News


21 20151005 1845 Bumi Resources aims to restructure debts
2016-07-04 10:00 PM
http://www.thejakartapost.com/news/2015/10/05/bumi-resources-aims-restructure-debts.html
Bumi Resources aims to restructure debts
Anggi M. Lubis, The Jakarta Post
Jakarta | Mon, October 5 2015 | 06:45 pm

Bumi Resources, the country’??s largest coal mining company, is proposing another debt-restructuring scheme to its lenders, involving converting a portion of its US$3.9 billion debts into 32 percent ownership of the company.

Bumi finance director Andrew Christopher Beckham said the company hoped to sign an in-principal agreement for the proposal by the fourth week of October, when a legal action moratorium granted by a Singaporean court expires.

The restructuring aims to lower the company’??s debt to $1.2 billion by January at the soonest, as the firm expects to take three to four months to persuade lenders and to hold a general shareholders meeting in December, according to Beckham.

The proposal, he said, included converting $1.9 billion of debt into a 32 percent stake in the company through a non-preemptive rights issue at a price more than 20 times higher than Bumi’??s current mooted share price of Rp 50 apiece.

The conversion would result in the dilution by around 32 percent of each current stake. Currently, the public holds a 70.57 percent stake.

‘??If it’??s done according to this proposal, share pieces will be Rp 1,100. That’??s why there might be more discussion [on this issue],’? Beckham told reporters after a public expose held over the weekend. He added that the plan would be good for everyone and would reflect the value of the company, which is $4.6 billion.

‘??It depends on the equity valuation […] and the debts will be converted at that value. [The debts] will be converted into shares and rupiah. They get 32 percent of the company with this value.’?

Bumi’??s outstanding debts as of August stood at $3.98 billion, including $1.19 billion owed to the China Investment Corporation (CIC). Bumi, which is affiliated with politician and tycoon Aburizal Bakrie, has been struggling to service its debt amid depressed coal prices.

Beckham said the company also hoped to pool around $100 million from selling a part of its asset Fajar Bumi Sakti and would also propose to exchange a total $630 million of loans from CIC and the China Development Bank (CDB) into stakes in the company’??s unlisted subsidiaries.

Bumi’??s average selling price, excluding its Ecocoal output, lost nearly half of its value from $99.8 a ton in 2011 to $55 a ton by the first half of this year.

The scheme would, according to Beckham, leave Bumi with five-year debts of $1.2 billion, which will be split equally into Trance A and Trance B loans bearing a 6 percent annual interest to be paid each quarter and a 9 percent interest paid when the debt is due.

The company can pay the debts ahead of time if it can secure excess cash, which was possible if coal prices climbed above $60 to $70 per ton, Beckham said.

Bumi’??s recorded net losses attributable to owner stood at $555.74 million in the first half, a stark contrast with its net profit of $149.4 million in the corresponding period last year. The firm’??s revenues were down by around 41 percent year-on-year to $21.5 million in the first six months of this year.

Bumi units skipped a semi-annual coupon payment on $700 million of 10.75 percent 2017 notes in November following a 30-day grace period, prompting Standard & Poor’??s and Moody’??s Investors Service to declare a default, according to a Bloomberg report. The miner also missed an interest payment on $300 million of 12 percent 2016 securities in December.


01 20160414 1624 Soal utang, BUMI bersengketa lagi
2016-07-04 09:06 PM
http://nasional.kontan.co.id/news/soal-utang-bumi-bersengketa-lagi
Soal utang, BUMI bersengketa lagi
Kamis, 14 April 2016 / 16:24 WIB
Reporter Sinar Putri S.Utami
Editor Adi Wikanto

Jakarta. Sudah lama tak terdengar kabarnya, PT Bumi Resources Tbk ternyata tengah menghadapi permohonan restrukturisasi utang lewat permohonann penundaan kewajiban utang (PKPU) di Pengadilan Niaga Jakarta Pusat. Pemohon adalah salah satu krediturnya, Castleford Investment Holdings Ltd.

Dalam berkas permohonan dalam hal ini Castleford diwakili pengacara Junuardo S. P. Sihombing. Ia menjelaskan, permohonan ini ia layangkan lantaran perusahaan yang memiliki kode saham BUMI di Bursa Efek Indonesia ini memiliki utang yang jatuh tempo dan dapat ditagih.

“Klien kami memiliki hubungan hukum yang sah yang timbul berdasarkan Agreement of Acknowledge of Indebtedness pada 30 Desember 2014,” jelas Junuardo dalam berkas yang diterima KONTAN, Kamis (14/4).

Lebih lanjut ia juga menjelaskan, sebagaimana telah di amandemen berdasarkan Amendement Agreement relating to the Agreement of Acknowledge of Indebtedness pada 1 September 2015. “Perjanjian tersebut merupakan perjanjian utang,” tambah dia.

Dimana berdasarkan perjanjian utang tersebut, Junuardo mengklaim BUMI memiliki utang kepada Castleford sebesar US$ 50 juta. Berdasarkan jumlah utang tersebut BUMI berkewajiban untuk membayar pada saat jatuh tempo berikut bunganya.

Adapun pembayaran seharusnya sudah dilakukan BUMI paling lambat satu tahun setelah tanggal berlaku pengalihan pada 30 Desember 2015. Tak hanya itu dalam Pasal 2.2 dalam perjanjian utang juga disebutkan, kewajiban BUMI terhadap pembayaran bunga atas utang yang harus dibayar kembali secara kwartal sejak berlakunya perjanjian utang. Adapun besar bunga tersebut sebesar 6,7% per tahun.

Namun pada perjalanannya, BUMI tidak melaksanakan balik pembayaran baik utang pokok dan bunga. Terkait hal itu Castleford pun telah melayangkan surat peringatan alias somasi kepada BUMI sebanyak tiga kali. Namun BUMI tetap tak melakukan pembayaran.

Dengan demikian, terhitung per 31 Maret 2016 jumlah kewajiban BUMI kepada Castleford sebesar US$ 54,38 juta. Utang tersebut terdiri dari utang pokok dan utang bunga hingga periode Maret 2016.

“Telah jelas dan terang bahwa BUMI memiliki utang yang telah jatuh tempo dan dapat ditagih,” lanjut Junuardo. Sehingga menurut dia sudah sepatutnya permohonan PKPU tersebut diterima olrh majelis hakim.

Apalagi selain kepada dirinya, BUMI juga terbukti memiliki utang kepada kreditut lain diantaranya Hartman International Pte Ltd sebesar US$ 104,08 juta, Axis Bank Limited US$ 135 juta, dan kepada Credit Suisse dengan total utang US$ 637,38 juta yanh terdiri dari tiga fasilitas kredit pada 2010.

Kemudian kepada China Development Bank sebesar US$ 550,15 juta, Raiffeissen Bank International US$ 80,68 juta, UBS AG US$ 62,50 juta dan Deutsche Bank US$ 54 juta.

Junuardo menyampaikan, data kreditur lain itu didapat berdasarkan laporan keuangan BUMI 31 Desember 2013 dan 2014. Mengingat BUMI merupakan perusahaan publik yang memiliki kewajiban untuk melaporkan hasil kinerja keuangannya kepada otoritas bursa untuk diketahui publik.

Hal tersebut juga ia meyakini permonohan PKPU ini sudah sesuai dengan ketentuan Undang-Undang No 37 Tahun 2004 tentang Kepailitan dan PKPU. Maka dari itu ia meminta kepada majelis hakim untuk mengangkat William E. Daniel, Imran Nating, Akhmad Henry Setyawan, Tri Hartono dan Arif Nugroho sebagai tin penguus PKPU.

Sekadar informasi saja perkara PKPU dengan No. 36/Pdt.Sud.PKPU/2016/Pn.Jkt.Pst ini didaftarkan pada 6 April 2016. Sidang perdana pun baru dilaksanakan Kamis, (14/4) dan akan dilanjutkan Senin pekan depan (18/4) dengan agenda bukti. Adapun majelis hakim memiliki waktu paling tidak 45 hari sejak didaftarkan untuk memutus perkara ini.

Adapun diketahui Castleford Investment Holdings Ltd. merupakan perusahaan yang berkedudukan Victoria, Mahe, Seychelles. Dimana menurut anggaran dasar perusahaan direkturnya bernama Dian Febrian.


15 20160426 0259 PT BUMI Resources Tbk.
2016-07-04 09:47 PM
http://www.publicnow.com/view/3B1A607195238FE36A0C4066F65B1187993FFCF0?2016-04-29-04:30:41+01:00-xxx527
PT BUMI Resources Tbk.
26/04/2016 | Press release | Distributed by Public on 29/04/2016 02:59

PT Bumi Resources Tbk
Information Disclosure of the Company regarding the Report of Court Proceedings in respect of PKPU_dated 26 April 2016 (Bilingual)
fabf7acb-8988-436f-bf75-9f97a43f0b86.pdf

No.: 091/ BR-BOD/ IV/16 Jakarta, 26 April 2016

Kepada Yth.
OTORITAS JASA KEUANGAN
Gedung Soemitro Djojohadikusumo Jl. Lapangan Banteng Timur No.2-4
Jakarta 10710

Up. : Ibu Nurhaida

Kepala Eksekutif Pengawas Pasar M odal

Dengan hormat,

Perihal: Keterbukaan Informasi PT Bumi Resources Tbk. (“Perseroan”)

Merujuk kepada surat keterbukaan informasi Perseroan No.: 078/ BR-BOD/ IV/16 tanggal 14 April 2016, bersama ini kami sampaikan informasi mengenai laporan proses persidangan atas permohonan PKPU oleh salah satu kreditor Peseroan, yaitu Castleford Investment Holdings, Ltd.

Sebagai informasi, pada tanggal 25 April 2016, Majelis Hakim mengeluarkan putusan yang menyatakan BUMI dalam PKPU Sementara, amar putusan lengkapnya berbunyi sebagai berikut:
1. Mengabulkan PKPU Sementara kepada BUMI untuk jangka waktu 45 hari sejak tanggal putusan dibacakan;
2. Mengangkat Bapak Kisworo sebagai Hakim Pengawas dalam proses PKPU;
3. Mengangkat Bapak William Daniel, Bapak Imran Nating, dan Bapak Akhmad Henry Setiawan sebagai Tim pengurus dalam proses PKPU;
4. Menetapkan hari sidang Rapat Permusyawaratan Majelis pada hari Kamis tanggal 9 Juni 2016;
5. Memerintahkan Pengurus untuk memanggil para kreditor BUMI yang dikenal untuk hadir pada rapat-rapat kreditor di Pengadilan Niaga.

Untuk lebih jelasnya, kami melampirkan Surat Laporan Penanganan Perkara yang dibuat oleh Aji Wijaya & Co. selaku Kuasa Hukum Perseroan.

Bakrie Tower 121 Floor Komplek Rasuna Epicentrum Jin. H. R Rasuna Said Jakarta 12940
Indonesia
Tel (62-21) 5794 2080
Fax (62-21) 5794 2070
http://www.bumiresources.com
PT BUM I ResourceS Tbk.

Demikian kami sampaikan untuk dapat diterima dengan baik. Atas perhatian dan kerja sama yang diberikan kami ucapkan terima kasih.

Hormat kami,

PT Bumi Resourc Tbk.
ox 0·11eep sn·vastava
Direktur & Corporate Secretary

English Translation

No.: 091/BR-BOD/IV/16 Jakarta, 26 April 2016

Kepada Yth.
FINANCIAL SERVICES AUTHORITY
Gedung Soemitro Djojohadikusumo Jl. Lapangan Banteng Timur No.2-4 Jakarta 10710
Up. : Ibu Nurhaida

Chief Executive for Capital Market Supervision

Dear Madam,

Regarding: Information Disclosure of PT Bumi Resources Tbk. (“Perseroan”)

With reference to information disclosure letter of the Company No.: 078/BR-BOD/IV/16 dated 14 April 2016, we hereby provide you with the report of court proceedings in respect of PKPU Petition lodged by one of our creditors, Castleford Investment Holdings, Ltd.

As you may be informed, on 25 April 2016, the panel of judges have rendered a court ruling placing BUMI under status of temporary PKPU. The court held as follows:
1. To grant a temporary PKPU to BUMI, for a period of 45 days from the date in which the Decision was read;
2. To appoint Mr. Kisworo as the Supervisory Judge for the PKPU process;
3. To appoint Mr. William Daniel, Mr. Imran Nating and Mr. Akhmad Henry Setiawan as the Administrators for the PKPU process;
4. To declare the hearing of deliberation of the Panel of Judges on 9 June 2016;
5. To order the Administrators to summons the creditor, known by BUMI, to attend the creditor’s meetings in the Commercial Court.

For more information, we hereby attach the Legal Proceeding Report prepared by Aji Wijaya & Co. as Company’s Legal Counsel.

We highly appreciate your kind attention.
An WIJAYA & Co.
ATIORNEYS Be COUNSELLORS AT LAW
CYBER 2 TOWER, FLOOR 31, UNIT A, JL. H.R. RASUNA SAID BLOK X-5 NO. 13, JAKARTA SEL.ATAN 12950, lNDONESIA
TELEPHONE : (62-21) 2902-1577 ; FACSIMILE : (62-21) 2902-1566
WEBSITE : http://www.awijaya.co.id
No. 038/AWIJAYA-AW/0416

To:
PT. Bumi Resources Tbk., Bakrie Tower, 12th Floor, Rasuna Epicentrum Complex, Jl. H.R. Rasuna Said,
Jakarta 12940
Attn. Direksi/ Directors
Jakarta, 25 April 2016

Subject: Legal Proceeding Report
Perihal: Laporan Proses Persidangan

Dear Sirs
Dengan hormat,

We, AJI WIJAYA & Co, have acted as Indonesian legal counsels for and behalf PT. Bumi Resources, Tbk. (the “Company or BUMI”) in connection with the Petition for Suspension of Debt Payment Obligation (PKPU) filed by Castleford Investment Holdings Ltd., againts tl1e Company (“PKPU Petition”).

We hereby would like to submit a Report of Legal Proceeding regarding the PKPU Petition, as follows:

Kami, AJI WIJAYA & CO, bertindak selaku penasehat hukum Indonesia untuk clan atas nama PT. Bumi Resources, Tbk. (“Perseroan atau BUMI”), sehubungan dengan Permohonan Penundaan Kewajiban Pembayaran Utang (PKPU) yang diajukan oleh Castleford Investment Holdings Ltd., terhadap . Perseroan (“Permohonan PKPU”)

Kami hendak menyampaikan Laporan atas Proses Persidangan berkenaan dengan Permohonan PKPU tersebut, yaitu sebagai berikut:
1. On 6 April 2016, the PKPU Petition 1. was lodged with the Commercial Court in District Court of Central Jakarta (“Commercial Court”), by Castleford Investment Holdings Ltd., witl1 case number No. 36/Pdt.Sus­ PKPU/2014/PN .Niaga. Jkt.Pst.
2. Castleford Investment Holdings 2. Ltd.as BUMI creditor filed oetition

Bahwa pada tanggal 6 April 2016, Permohonan PKPU telah diajukan ke Pengadilan Niaga pada Pengadilan Negeri Jakarta Pusat Jakarta (“Pengadilan Niaga”), oleh Castleford Investment Holdings Ltd., dengan nomor register perkara No. 36/Pdt.Sus-PKPU /2014/PN.Niaga.
Jkt.Pst.
Castleford Investment Holdings Ltd., vane: adalah kreditor BUMI


16 20160426 0536 Indonesian court orders suspension of Bumi’s debt payment obligations
2016-07-04 09:52 PM
http://www.ooyuz.com/geturl?aid=11377556
Indonesian court orders suspension of Bumi’s debt payment obligations
Reuters, Tue Apr 26 05:36:12 EDT 2016

JAKARTA, April 26 Indonesian coal miner PT Bumi Resources Tbk said on Tuesday a Jakarta court has suspended its debt payment obligations at the request of one of its creditors, Castleford Investment Holdings Ltd. Castleford, which claimed it was owed $54.4 million by Bumi, filed a request for the suspension at a Jakarta commercial court. On Monday, the judges granted the suspension, which will last for 45 days. Under what is known locally as the PKPU process, companies typically make a debt rest..
http://www.reuters.com/article/bumi-resources-court-idUSJ9N16500K?feedType=RSS&feedName=cyclicalConsumerGoodsSector


18 20160426 0806 Indonesian court orders suspension of Bumi’s debt payment obligations
2016-07-04 09:56 PM
http://www.reuters.com/article/bumi-resources-court-idUSJ9N16500K?feedType=RSS&feedName=cyclicalConsumerGoodsSector
Indonesian court orders suspension of Bumi’s debt payment obligations
Tue Apr 26, 2016 8:06am EDT

Indonesian coal miner PT Bumi Resources Tbk said on Tuesday a Jakarta court has suspended its debt payment obligations at the request of one of its creditors, Castleford Investment Holdings Ltd.

Castleford, which claimed it was owed $54.4 million by Bumi, filed a request for the suspension at a Jakarta commercial court. On Monday, the judges granted the suspension, which will last for 45 days.

Under what is known locally as the PKPU process, companies typically make a debt restructuring proposal to its creditors.

Heavily indebted Bumi is part of Indonesian conglomerate Bakrie Group. (Reporting by Eveline Danubrata; editing by David Clarke)


13 20160524 0936 Jalan Panjang Restrukturisasi BUMI
2016-07-04 09:41 PM
http://koran.bisnis.com/read/20160524/442/550682/jalan-panjang-restrukturisasi-bumi
Jalan Panjang Restrukturisasi BUMI
Sukirno Selasa, 24/05/2016 09:36 WIB
Editor : Bunga Citra Arum Nursyifani

Kisah perusahaan tambang batu bara PT Bumi Resources Tbk., walaupun terlalu panjang dan rumit, masih layak untuk diikuti. Kini, emiten dengan kode saham BUMI ini tengah bergelut dengan restrukturisasi utang. Bagaimana kabar terakhirnya?

Tahun ini, BUMI harus melunasi utang sebesar US$4,22 miliar, setara dengan Rp55,69 triliun (kurs Rp13.173 per dolar AS). Utang itu tercatat dalam laporan keuangan perseroan yang terakhir kali dirilis per 30 November 2015.

Pinjaman jangka pendek mencapai US$220,78 juta, pinjaman jangka panjang yang jatuh tempo dalam waktu setahun mencapai US$3,63 miliar, dan obligasi konversi sebesar US$375 juta.

Utang jangka pendek dari Credit Suisse 2012 mencapai US$143,89 juta dan dari Castleford Investment Holdings Ltd. pada 2014 mencapai US$50 juta.

Adapun, tiga utang terbesar yang bakal jatuh tempo tahun ini a.l. dari Country Forest Limited 2009 senilai US$1,06 miliar, obligasi senior II senilai US$700 juta, dan pinjaman China Development Bank senilai US$500 juta.

Kini, manajemen BUMI menghadapi proses persidangan dalam permohonan penundaan kewajiban pembayaran utang (PKPU).

Proses PKPU sementara oleh Pengadilan Niaga Jakarta Pusat tersebut dimohonkan oleh Castleford Investment Holdings Ltd sebagai pemilik piutang US$50 juta.

Meski tengah bersengketa, pihak Bumi Resources optimistis mampu mencapai perdamaian dengan para kreditur selama proses penundaan kewajiban pembayaran utang sementara selama 45 hari.

“Sampai dengan saat ini, belum diketahui ada atau tidaknya kreditur yang menolak atau menyetujui rencana perdamaian, oleh karena sesuai dengan jadwal yang ditetapkan oleh tim pengurus, pembahasan voting atas rencana perdamaian baru akan dilakukan pada 6 Juni 2016,” papar Dileep Srivastava, Direktur & Corporate Secretary Bumi Resources, dalam laporan tertulis kepada PT Bursa Efek Indonesia pekan lalu.

Emiten komoditas batu bara itu berharap restrukturisasi utang yang kini tengah berlangsung itu mampu mengembalikan struktur permodalan menjadi positif akibat turunnya beban utang.

Memang, per 30 September 2015, perseroan masih membukukan rugi bersih US$640,86 juta dengan defisiensi modal US$1,38 miliar.

Kuasa hukum Bumi Resources Aji Wijaya menjelaskan sebelum permohonan restrukturisasi diajukan oleh pemohon, manajemen BUMI telah melakukan negosiasi secara dua belah pihak dengan sejumlah kreditur. Bank dan pemegang surat berharga, menjadi prioritas dalam negosiasi.

Proses restrukturisasi utang di pengadilan akan melibatkan kreditur lain yang belum sempat membicarakan negosiasi penyelesaian kewajiban secara bilateral. Kreditur tersebut yang menentukan singkat tidaknya proses PKPU.

Proposal perdamaian juga telah disiapkan oleh pihak BUMI, bahkan saat persidangan memasuki tahap jawaban. Kendati masih berkonsep awal, proposal tersebut merupakan hasil diskusi bersama dengan kreditur besar.

Aji menjelaskan proposal awal yang dilampirkan beserta berkas jawaban memang belum memasukkan tenor waktu maupun nominal pembayaran. Isi akan dilengkapi saat debitur sudah mengetahui seluruh tagihan tetap kreditur.

Saptari Hoedaja, Presiden Direktur Bumi Resources, dalam sebuah dokumen menjelaskan perjanjian tersebut akan dijadikan sebagai dasar penyusunan dalam proses restrukturisasi utang.

Materi dalam perjanjian tersebut masih dapat berubah dengan memperhatikan hasil kajian dokumen dan perusahaan lebih lanjut.

Dalam rencana perdamaian tersebut, utang kepada kreditur separatis dan konkuren akan diselesaikan melalui konversi ke ekuitas perseroan, konversi ke ekuitas anak-anak usaha perseroan di dalam grup, serta konversi ke mandatory convertible bond (MCB) dalam waktu 5 tahun.

Utang perusahaan kepada kreditur konkuren lain akan diselesaikan melalui konversi ke saham perusahaan secara langsung dan skema pembayaran dengan baloon payment. Kelebihan kas yang tersedia akan dialokasikan menurut aturan prioritas atau prinsip cash waterfall.

Januardo Sihombing, kuasa hukum Castleford, menanggapi pernyataan tersebut dan berharap debitur dapat memberikan tawaran proposal perdamaian yang menarik bagi kreditur.

“Pada intinya kami minta kejelasan dan penyelesaian kewajiban melalui proposal perdamaian yang realistis serta mampu dilaksanakan debitur,” tuturnya.

Manajemen BUMI pun harus memutar otak untuk melunasi utang-utangnya. Tetapi, tekanan harga komoditas membuat perseroan mengerem laju ekspansi tahun ini.

BELANJA MODAL

Manajemen BUMI memangkas belanja modal hingga 50% menjadi US$50 juta pada tahun ini dari US$100 juta tahun lalu. Produksi batu bara perseroan juga diperkirakan flat sekitar 80 juta ton.

Dileep mengatakan perseroan belum mengumumkan target produksi batu bara pada tahun ini. “Belanja modal kami untuk perawatan sekitar US$50 juta,” katanya kepada Bisnis.

Menurutnya, selama lebih dari setahun, BUMI telah melakukan dialog intensif dengan para pemegang obligasi. Manajemen BUMI berharap menemukan solusi terbaik bagi perjanjian restrukturisasi utang perseroan.

Hingga 30 November 2015, pemegang saham BUMI terdiri dari Credit Suisse AG SG qq Longhaul Holdings Ltd sebesar 23,15%, PT Damar Reka Energi 6,28%, dan publik 70,57%. Harga saham BUMI tersungkur 99,3% dari level tertinggi Rp8.200 pada 30 Juni 2008 hingga tiarap di level Rp50 per saham.

Akankah kisah BUMI ini berakhir manis?


09 20160516 2116 BUMI TERGUNCANG
2016-07-04 09:28 PM
http://www.majalahreviewweekly.com/read/994/bumi-terguncang
BUMI TERGUNCANG
Oleh: Setyo Adi Nugroho, Dita Pertiwi, Lucky Benyamin
Senin 16 Mei 2016 | 21:16 WIB

Bagaimana nasib PT Bumi Resources Tbk setelah berstatus PKPU? Sementara prospek harga batu bara mengkhawatirkan.

Rapat itu berlangsung akrab. Boleh dibilang, seperti pertemuan keluarga atau teman. Tak ada ngotot-ngototan antara si pemberi utang dan penerima utang. Kedua pihak masing-masing saling memahami.

Hari itu, Senin (9/5) pekan lalu, berlangung rapat antara manajemen PT Bumi Resources Tbk (BUMI) dengan para krediturnya. Inilah rapat pertama yang berlangsung di salah satu ruang di Pengadilan Niaga Jakarta Pusat.

Dalam rapat tersebut, BUMI diwakili Direktur Keuangannya Andrew Cristoper Beckham dan tim kuasa hukum. Selain beragendakan pengenalan dengan para krediturnya, BUMI juga menyampaikan ringkasan proposal perdamaian.

Asal tahu saja, sejak tanggal 25 April 2016, BUMI yang, dimiliki Grup Bakrie berstatus Penundaan Kewajiban Pembayaran Utang (PKPU), setelah majelis hakim Pengadilan Niaga Jakarta Pusat menerima permohonan PKPU yang diajukan Castleford Investment Holdings Ltd.

Dalam sidang putusan yang dipimpin ketua majelis hakim Suko Triyono disebutkan, permohonan PKPU yang diajukan Castleford Investment Holdings Ltd dikabulkan lantaran sudah memenuhi syarat formil dan materil sesuai dengan Undang-Undang No. 37 Tahun 2004 tentang Kepailitan dan PKPU. Artinya, BUMI terbukti punya utang yang telah jatuh tempo dan dapat ditagih kepada Castleford. Selain itu, BUMI juga terbukti memiliki lebih dari satu kreditur.

“Permohonan sudah memenuhi Pasal 222 UU Kepailitan dan PKPU, sehingga majelis memiliki alasan hukum untuk mengabulkan PKPU sementara selama 45 hari bagi BUMI,” ujar Suko dalam putusannya.

Permohonan ini diajukan Castleford lantaran BUMI memiliki utang yang telah jatuh tempo dan dapat ditagih sebesar US$ 54,38 juta sesuai dengan Agreement of Acknowledge of Indebtedness pada 30 Desember 2014.

Dengan begitu, BUMI berkewajiban membayar utang pada saat jatuh tempo berikut bunganya kepada Castleford. Seharusnya pembayaran dilakukan BUMI paling lambat satu tahun setelah tanggal berlaku pengalihan pada 30 Desember 2015. Selain itu, BUMI juga berkewajiban membayar bunga sebesar 6,7% per tahun.

Namun dalam perjalanannya, BUMI tidak melaksanakan pembayaran, baik utang pokok maupun bunganya. Castleford pun melayangkan surat peringatan alias somasi kepada BUMI sebanyak tiga kali. Namun BUMI tetap tak melakukan pembayaran.

Jengkel atas sikap BUMI, Castleford kemudian mengajukan PKPU ke Pengadilan Niaga Jakarta Pusat. Seperti sudah dijelaskan tadi, majelis hakim mengabulkan permohonan PKPU yang diajukan Castleford terhadap BUMI.

Nah, untuk mencari jalan keluar penyelesaian utang yang menjerat BUMI, diadakanlah rapat pada Senin pekan lalu. Dalam rapat tersebut, BUMI mengajukan proposal perdamaian kepada para krediturnya. Opsi yang ditawarkan adalah BUMI bersedia membayar utang dengan saham. Misalnya, utang kepada Castleford akan dikonversikan 100% menjadi saham BUMI.

Selain dengan Castleford, BUMI juga tersangkut utang dengan beberapa kreditur lain, antara lain China Investmen Corporation (CIC) dan China Development Bank (CDB). Kepada CIC, BUMI menawarkan utang dikonversi menjadi 5,2 miliar saham di BUMI atau 9,63% dari total ekuitas perusahaan dari penawaran umum terbatas 2014.

Tak hanya itu, BUMI juga menawarkan utang CIC akan dikonversi menjadi saham aset BUMI, yakni 45% di PT Pendopo Energi Barubara, 40% PT Dairi Prima Minerals, dan sisanya dikonversi menjadi saham BUMI.

Untuk utang kepada CDB, BUMI menyampaikan akan menyelesaikan bunga utang dalam new senior secured facility trance A dan trance B dengan masing-masing penyelesaiannya 50%. Kemudian opsi penyelesaian utang pokok akan dikonversi ke Pendopo Equity dan Contingent Value Rights (CVR).

Lalu untuk kreditur konkuren dengan tagihan Rp 1 – Rp 2,6 miliar akan diselesaikan selama 4 tahun. Tagihan dengan Rp 2,6 – Rp 6,6 miliar dibayarkan dengan waktu 6 tahun. Lalu untuk tagihan Rp 6,6 – Rp 13 miliar diselesaikan 8 tahun dan tagihan Rp 13 – Rp 67,5 miliar akan diselesaikan selama 10 tahun.

“Masing-masing kreditur yang nantinya akan memiliki saham BUMI mempunyai hak untuk mencalonkan satu direksi dan satu dewan komisaris perusahaan,” ujar Andrew Cristoper Beckham, Direktur Keuangan BUMI, seperti dikutip dari Kontan.

Meski begitu, Andrew mengatakan, proposal tersebut masih dapat berubah-ubah sejalan dengan negosiasi yang dilakukan BUMI dengan para krediturnya. “Untuk draft finalnya kami akan berikan pada 6 Juni nanti,” katanya.

Dalam kesempatan itu, Andrew menyampaikan keadaan perusahaan memang tak memungkinkan untuk membayar semua utang kepada kreditur. “PKPU ini menunjukan iktikad baik kami ingin melakukan penyelesaian terbaik melalui rencana perdamaian yang kami tawarkan kepada kreditur,” ujar Andrew.

Kuasa hukum salah satu kreditur sekaligus pemohon PKPU Castelford Januardo S. P. Sihombing mengatakan, pihaknya memahami kondisi komoditas saat ini tengah lesu. Namun pihaknya menempuh jalur PKPU lantaran ingin memiliki kepastian akan penyelesaian utang terhadap BUMI. “Kami menyakini debitur masih punya iktikad baik. Kami berharap debitur dapat memberikan hal yang terbaik,” katanya.

Berdasarkan catatan BUMI, saat ini utangnya kepada seluruh kreditur mencapai US$ 7,29 miliar atau mencapai Rp 97,09 triliun. Rinciannya, utang kepada kreditur separatis sebesar US$ 3,98 miliar dan kreditur konkuren US$ 3,30 miliar.

Hanya saja, salah satu tim pengurus BUMI, William E. Daniel mengatakan jumlah tersebut masih perlu diverifikasi kembali saat verifikasi tagihan pada 30 Mei 2016. William juga mengimbau kepada para kreditur untuk dapat mendaftarkan tagihan paling lambat 23 Mei 2016.

PROSPEK BATU BARA

BUMI yang dikuasai Keluarga Bakrie memang telah mengundang keprihatinan para investor dan para pemegang sahamnya setelah harga batu bara, yang menjadi core business mereka, anjlok sejak tahun 2012. Batu bara yang semula menjadi primadona sempat menyentuh harga hingga US$ 130 per ton di tahun 2011, tapi perlahan-lahan turun dan kini hanya US$ 47 per ton.

Sejak saat itu hingga saat ini BUMI terus terguncang. Sayangnya, belum diperoleh laporan keuangan terbaru perusahaan ini. Hanya saja, kinerja keuangan BUMI pada kuartal III-2015 bisa dijadikan catatan. Saat itu, perseroan mengalami kerugian sebesar US$ 630,27 juta dibandingkan pada periode yang sama tahun 2014, yang masih mencetak laba bersih US$ 12,52 juta.

Selain itu, pendapatan BUMI juga menyusut dari US$ 49,4 juta pada kuartal III-2014 menjadi US$ 33,49 juta di kuartal III-2015. Beban bunga dan keuangan BUMI mencapai US$ 405,4 juta. BUMI juga masih menanggung ekuitas negatif alias defisiensi modal sebesar US$ 1,3 miliar. Beban ini jauh lebih berat daripada total defisiensi modal BUMI per akhir tahun 2014 sebesar US$ 733 juta.

Meskipun begitu, seperti dikatakan Andrew, manajemen BUMI terus berupaya memperbaiki keadaan perusahaan dengan menekan beban dan meningkatkan volume produksi. “Kami berharap harga komoditas (batu bara) dapat membaik,” katanya.

Apakah harga batu bara akan membaik? Mudah-mudahan saja. Hanya saja, melihat kekhawatiran akan polusi dan persaingan dengan bahan bakar yang lebih bersih, banyak negara di dunia perlahan-lahan mulai menyingkirkan batu bara, yang dulu sukses menggerakkan revolusi industri.

Lihat saja Amerika Serikat (AS). Negara ini mulai mengurangi konsumsi batu bara. Saat ini, AS sudah siap-siap mengadopsi aturan polusi yang akan melarang pembangunan pembangkit listrik berbahan batu bara. Dan China, yang mengonsumsi 4 miliar ton batu bara per tahun tengah mengambil langkah-langkah serupa. Bahkan, Pemerintah China mengumumkan bahwa mereka akan melarang pembangkit listrik baru berbahan bakar batu bara di tiga daerah industri penting, yaitu Beijing, Shanghai, dan Guangzhou.

Michael Parker, analis komoditas di Bernstein Research, menyebut pergeseran di China itu sebagai ‘awal dari akhir keemasan batu bara’. Apalagi, semua ini dibarengi dengan pertumbuhan ekonomi China yang melambat sehingga konsumsi batu bara hanya sedikit.

“Semua masyarakat industri akhirnya memutuskan, meski batu bara murah, namun kerusakan lingkungan yang disebabkan oleh kegiatan industri yang tidak terkendali tak lagi bisa ditoleransi,” kata para analis Bernstein.

Jika prediksi ini terjadi, itu akan memberatkan negara-negara pengekspor batu bara besar, seperti Indonesia. Dan, bagaimana dengan nasib BUMI, sebagai produsen batu bara terbesar di Indonesia? Entahlah. Mudah-mudahan saja harga batu bara ke depan membaik.

BERNYAWA SEMBILAN

Dulu, ketika harga komoditas meroket, Aburizal Bakrie sebagai orang yang sangat dihormati di Grup Bakrie, dipilih majalah Forbes menjadi orang terkaya di Indonesia di tahun 2007. Saat itu, pria yang akrab disapa Ical itu masih berusia 60 tahun dengan total kekayaan ditaksir mencapai US$ 5,4 miliar.

Ical menduduki posisi puncak mengalahkan Sukanto Tanoto (US$ 4,7 miliar), R. Budi Hartono (US$ 3,14 miliar), Michael Hartono (US$ 3,08 miliar), dan Eka Tjipta Widjaja (US$ 2,8 miliar). Dia menjalankan perusahaan Grup Bakrie yang diwarisi dari ayahnya, Ahmad Bakrie.

Tetapi posisi Ical terus melorot sebagai orang terkaya di Tanah Air. Pada 2009 bertengger di urutan 4, pada 2010 urutan 10, pada 2011 urutan 30, kemudian terpental dari daftar 40 orang terkaya Indonesia sejak 2012.

Bisa jadi, terpentalnya nama Ical dalam daftar orang terkaya di Indonesia terpengaruh anjloknya harga komoditas. Maklum saja, mayoritas perusahaan milik Keluarga Bakrie itu memang bergerak di sektor komoditas batu bara, minyak dan gas, serta perkebunan kelapa sawit.

Dulu, siapa tak kenal dengan PT Bumi Resources Tbk. Saat masa jayanya, emiten berkode saham BUMI itu sahamnya bahkan meroket ke langit dari Rp 50 per lembar menjadi Rp 8.750 per lembar.

Kini, saham BUMI pun ‘membumi’. Saham BUMI bersama dengan beberapa emiten yang terafiliasi dengan Grup Bakrie lainnya harus tiarap di level terendah, Rp 50 per lembar.

Tapi, ini hebatnya BUMI. Meskipun sedang menghadapi kesulitan, perusahaan itu tidak terdengar melakukan PHK terhadap karyawannya. “Sampai saat ini, kita masih berkomitmen untuk tidak akan merumahkan dan tidak mem-PHK karyawan. Kita juga enggak memotong gaji karyawan,” ujar Sri Dharmayanti, Direktur Legal BUMI saat Public Expose di Jakarta, 2 Oktober 2015.

Grup Bakrie sudah banyak pengalaman menghadapi masalah di perusahaannya dan selalu lolos dari ‘maut’. Bakrie pernah bermasalah dengan Bank Nusa Nasional miliknya pada 1999, lalu luapan lumpur Lapindo pada 2006. Kemudian terjadi persoalan suspensi perdagangan saham BUMI yang menyeret Menteri Keuangan waktu itu, Sri Mulyani Indrawati. “Ibaratnya, kucing bernyawa sembilan, baru mati lima,” ujar Lin Che Wei dari PT Independent Research & Advisory Indonesia seperti dikutip dari majalah Tempo edisi 10 September 2012 dalam laporan berjudul Tsunami Utang Bakrie.

Tapi bagaimana setelah Ical tak lagi menjabat Ketua Umum Partai Golkar? Boleh jadi dia bakal berkonsentrasi penuh membimbing dua puteranya, Anindya Bakrie dan Ardie Bakrie untuk kembali mengangkat pamor Grup Bakrie.rw


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