03.07.2014 12:01:00
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Bumi Capital Pte. Ltd -- Moody's: Bumi Resources' distressed exchange with CIC is first step in balance sheet restructuring
Singapore, July 03, 2014 -- On 3 July 2014, PT Bumi Resources Tbk. (Bumi) (Ca Stable) announced that it has transferred a 19% stake in Kaltim Prima Coal (KPC) to China Investment Corporation (CIC). In exchange, CIC will forgive roughly $950 million of the $1,989 million of loans, accrued interest and other make whole costs due from Bumi.