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Bumi Resources units get court moratorium to help restructure debt

[SINGAPORE] Three subsidiaries of Bumi Resources Tbk PT have obtained a six-month moratorium in a Singaporean court against legal action as they apply to enter a court process to restructure their debt, the companies said on Tuesday.

Singapore-based Bumi Capital Pte Ltd, Bumi Investment Pte Ltd and Enercoal Resources Pte Ltd said the moratorium would facilitate discussions with noteholders and bondholders, according to a statement.

Bumi Resources, Indonesia's largest coal miner, has been struggling to service its debt amid depressed coal prices. It delayed a coupon payment due in October to the end of November.

News of the moratorium helped push shares in Bumi Resources up more than 7 per cent on the Jakarta stock exchange.