JAKARTA Aug 8 Indonesian coal miner PT Bumi
Resources Tbk said on Friday it is "not in a position"
to settle in cash $375 million worth of convertible bonds due
August because of weak coal prices.
The company, which is controlled by the Bakrie family, will
hold a meeting on Aug. 22 with its bondholders, it said in a
stock exchange filing.
Bumi had previously said it has until Aug. 12 to reach a new
agreement with the holders of the bonds issued by Bumi's
subsidiary, Enercoal Resources Pte Ltd.
Bumi said on Monday it is negotiating with its bondholders
to extend the payment date to at least April 2018 and cut the
annual coupon to below 7 percent from 9.25 percent.
Bumi shares fell 3.5 percent on Friday, underperforming the
broader Jakarta stock exchange, which was down 0.3
(Reporting by Eveline Danubrata; Editing by Miral Fahmy)