Jakarta, 11 December 2017
- ANNOUNCEMENT OF EFFECTIVE DATE FOR THE EXCHANGE OF EXISTING DEBT COMPRISING CERTAIN LOANS MADE TO THE COMPANY AND
- US$300,000,000 12% GUARANTEED SENIOR SECURED NOTES DUE 2016 ISSUED BY BUMI CAPITAL PTE. LTD.
- US$700,000,000 10.75% GUARANTEED SENIOR SECURED NOTES DUE 2017 ISSUED BY BUMI INVESMENT PTE. LTD.
- US$375,000,000 9.25% GUARANTEED CONVERTIBLE BONDS DUE 2014 ISSUED BY ENERCOAL RESOURCES PTE. LTD.
Reference is made to: (i) the suspension of payments proceedings in respect of the Company pursuant to Indonesian Law No. 37 of 2004 on Bankruptcy & Suspension of Debt Payment Obligations (the “Bankruptcy Law”) that commenced on 25 April 2016; and (ii) the composition plan dated 9 November 2016 (the "Composition Agreement") agreed between the Company and its creditors pursuant to the terms of the Bankruptcy Law and approved by the Commercial Court of the Central Jakarta District Court (the "Court") on 28 November 2016 pursuant to decision number 36/PDT.SUS-PKPU/2016/PN.Niaga.Jkt.Pst. Pursuant to the Composition Agreement, on 8 June 2017 the Company commenced four exchanges (the "Exchanges”) each pursuant to an exchange memorandum (in each case, an "Exchange Memorandum"), to exchange the above referenced existing debt of the Company for new loans and/or securities.
The Company is pleased to announce that on 11 December 2017 (the "Effective Date") the Company entered into the relevant agreements for the issuance and settlement of the new loans and securities as part of the Exchanges. Settlement of the new securities is ongoing and is expected to occur within five (5) business days of the Effective Date pursuant to the terms of the Composition Agreement.