JAKARTA, Dec 24: The troubled Indonesian business empire Bakrie Brothers has found buyers to settle 680 million dollars’ worth of debts, executives said on Wednesday.
Australian hedge fund Brentwood Ventures will take over its $105 million of debt to India’s ICICI Bank, Ari Saptari Hudaya, one of Bakrie’s directors, was quoted as saying by Dow Jones Newswires.
The deal will result in Brentwood owning a 6.7 per cent stake in the company’s subsidiary coal giant Bumi Resources Bumi, Hudaya added.
“This is good for ICICI as the money loaned out by it to Bakrie is coming back to it with Brentwood taking over the debt,” a local analyst said.—AFP
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