BFC appoints PWC as advisor

BFC appoints PWC as advisor

JAKARTA (JP): Publicly listed PT Bakrie Finance Corporation
(BFC), a subsidiary of the Bakrie & Brothers Group, and its
creditors have agreed to appoint PriceWaterhouseCoopers (PWC) as
an independent financial advisor to oversee its debt
restructuring scheme.

BFC President Imbang J. Mangkuto said on Thursday that PWC was
expected to come up with a debt restructuring scheme within no
more than 10 weeks.

"So, I am hopeful the creditors can meet again sometime in
December to discuss PWC's review and come up with the best
solution for all of us," Imbang said on Thursday after a public
presentation by the company.

As of June 30, despite posting some Rp 116.3 billion (US$12
million) in income, BFC still recorded a huge loss of Rp 224
billion.

The company operates in leasing activities, venture capital
and factoring.(10)