Bakrie meets creditors

Bakrie meets creditors

JAKARTA (JP): PT Bakrie & Brothers held a meeting with
representatives of its international creditors yesterday to
restructure its foreign debts.

Aburizal Bakrie, chairman of the Bakrie Group, said at the
meeting: "The key to our future lies in executing now a
restructuring of our debt exposure with, rather against, our
lenders."

Publicly listed Bakrie & Brothers is under the Bakrie Group.

Bakrie Group spokesman Siddharta Moersjid said 130 senior
executives representing Bakrie & Brothers' international
creditors from Singapore, Hong Kong, South Korea, Japan, Europe
and the United States attended the meeting.

Radius Prawiro, the chairman of the government-appointed
committee to restructure private debts, was also on hand at the
meeting.

Siddharta said the creditors welcomed the company's proposal
to form a Bakrie creditors committee to restructure the company's
debt over a three-month period.

He said the company's foreign debt currently totaled US$1.1
billion, 96 percent of which was hedged at levels between Rp
2,450 and Rp 2,750 to the dollar. (rid)