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)