JAKARTA, Aug 8 (Reuters) - 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 percent. (Reporting by Eveline Danubrata; Editing by Miral Fahmy)