Indonesian coal miner Bumi Resources plans to conduct a rights issue in June 2017 through which it aims to raise IDR 26.9 trillion (approx. USD $2.0 billion). Bumi Resources will sell 29.1 billion shares, equivalent to 79.5 percent of the company's enlarged capital. Proceeds from this corporate move go to the debt restructuring program. Bumi Resources wants to pay off its debt to the China Investment Corporation (CIC) as well as eight other creditors. Bumi Resources has some USD $4.2 billion worth of commercial debts (excluding intercompany loans).

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Shares of Bumi Resources, Indonesia’s largest coal miner by production volume, had plunged more than 13 percent by 16:00pm local Jakarta time on increased concern that a default is looming after the company failed to gain approval from bondholders to change the terms of its USD $375 million bonds due on 5 August. The Bakrie Group-controlled miner intended to extend the maturity of its bonds while lowering the coupon and conversion price. However, this plan was not approved in a bondholders’ meeting held in Singapore on 20 June 2014.

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After years of concern amid scandals, debt woes and low coal prices, there seems light at the end of the tunnel for Indonesia's largest coal producer Bumi Resources, a listed miner controlled by the Bakrie Group. Although its audited earnings (covering full-year 2016) will be released next month, a source within Bumi Resources said the company will post its first profit since 2011. The miner's net income is expected to reach USD $101.6 million, improving significantly from a net loss of USD $2 billion in the preceding year.

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Bumi Resources, a leading Indonesian coal mining company, came close to default on its USD $300 million November 2016 bond before paying an overdue coupon earlier this week. The company, which is in the hands of the controversial Bakrie family, is obliged to make two coupon payments per year but postponed payment due on 12 May 2014 in order to negotiate with its creditors and lenders. According to a statement of Bumi Resources Director Dileep Srivastava, the payment was done on 11 June 2014.

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