Jakarta, 13 April 2018
 

PT Bumi Resources Tbk (“BUMI” or the “Company”) was awarded Finance Deal of the Year for the Restructuring Category at Four Seasons Hotel Hongkong on 22 March - The Asia Legal Awards 2018. The award was given due to the successful Debt Restructuring of PT Bumi Resources Tbk (BUMI) with a value of US$4.5 billion to be the largest deal during 2017 in Southeast Asia.
 
The restructuring involved three publicly issued bonds, six bank syndicated loans, and loans from China Investment Corporation (CIC) and China Development Bank (CDB). All the above loans of US$4.3 billion have been successfully exchanged for US$2.0 billion of equity and US$0.6 billion of Mandatory Convertible Bonds. The residual debt of US$1.7 billion is sustainable and repayable over a period of 5 years.
 
 
BUMI’s quality legal team was led by Withers, Appleby - debt restructuring board and the entire global team consisted of Kirkland & Ellis, Davis Polk & Wardwell, King & Wood Mallesons, Rajah & Tann Singapore, Hiswara Bunjamin & Tanjung, Aji Wijaya & Co and TJAJO & Partners.
 
Dileep, BUMI’s Director & Corporate Secretary stated that “The Company’s Restructuring Agreement is path-breaking landmark deal in Indonesia. This has enabled the Company to cut debt by ca 60%, restore financial health, profitability and positive equity with undeniably visible governance overtone. BUMI’s legal team provided valuable support to achieving an early restructuring closer for the benefit of stakeholders and enhancing company value.”