Indonesian Coal Miner Bumi Resources Prepares Rights Issue
Indonesian coal miner Bumi Resources plans to conduct a rights issue in June 2017 through which it aims to raise IDR 26.9 trillion (approx. USD $2.0 billion). Bumi Resources will sell 29.1 billion shares, equivalent to 79.5 percent of the company's enlarged capital. Proceeds from this corporate move go to the debt restructuring program. Bumi Resources wants to pay off its debt to the China Investment Corporation (CIC) as well as eight other creditors. Bumi Resources has some USD $4.2 billion worth of commercial debts (excluding intercompany loans).