PT Bumi Resources Tbk

Project Overview

Our Client is one of Indonesia’s largest listed coal and mineral mining groups.

Challenges

• Upon the completion of its PKPU in November 2016, the Group was required to implement a complex capital structure transformation under the Composition Plan, involving the conversion of approximately USD 2 billion of debt into equity and the exchange of approximately USD 639 million of debt into MCBs.
• Execution required strict compliance with Indonesian capital market regulations and coordination with multiple regulatory authorities under tight timelines stipulated in the Composition Plan.

Our Approach

• AJCapital advised the Group on the implementation of this restructuring, particularly the issuance of new equity and MCB instruments.
• Led the preparation and finalization of the prospectus and related registration documentation;
• Coordinated management, legal counsel, auditors, notaries, underwriters, trustees, and regulatory authorities, including OJK, IDX, and KSEI;
• Provided detailed regulatory and commercial guidance and clarification on the equity conversion and MCB structure to relevant authorities and stakeholders, including OJK, IDX, and KSEI; and
• Managed execution of the issuance process within the deadlines mandated under the Composition Plan.

Outcome