Bakrie to seal debt deal

Bakrie to seal debt deal

SINGAPORE (Dow Jones): Indonesia's Bakrie & Brothers said it
expects to seal a deal with creditors to restructure US$1.2
billion in debt by the end of September, the company's chairman,
Aburizal Bakrie, said Tuesday.

Speaking on the sidelines of a seminar in Singapore, Bakrie
said the majority of the company's creditors have agreed to the
details of the agreement.

"They have agreed to the numbers, but not the wording of the
agreement," Bakrie said, noting that the wording was still being
worked out by lawyers.

He added that there was no disagreement over the assets
involved in the agreement.

He said he wasn't worried that some creditors hadn't agreed to
the deal, noting that only a two-thirds majority is required to
prevail in a legal court.

Bakrie & Brothers said earlier in the year that it has secured
an agreement in principle with its creditors to restructure its
debts through a debt-to-equity swap.