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.