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