Welcome Guest   |  Login   |   Signup
JG Logo
Sat, May 26, 2012
Archive Search

Rothschild ‘Confident’ in Bakrie Loan Talks
October 17, 2011

Nathaniel Rothschild, left, co-chairman of miner Bumi Plc. (Antara Photo) Nathaniel Rothschild, left, co-chairman of miner Bumi Plc. (Antara Photo)
Share This Page
1
6
0
2
Share with google+ :


Post a comment
Please login to post comment

Comments

vanu
5:50am Oct 18, 2011

It seems strange that a Rothschild, whose family is the single largest donor to Isreal, would give money to a muslim family whose patriarch is the head of a political party that denies Isreal the right to exist. Does this mean if Bakrie becomes president, he will open relations with Isreal, as he has borrowed money from his friend the Jewish banker?

Xpat
12:26am Oct 18, 2011

Rothschilds backed all privatizations in Russia...fortunately the Russians are not too stupid. Hope Indonesians are not stupid too.

  • Previous
  • 1
  • Next

Nathaniel Rothschild, co-chairman of miner Bumi Plc, says he has “total confidence” that Indonesia’s Bakrie family, Bumi’s largest shareholders, would succeed with plans to refinance a $1.35 billion (855.73 million pound) loan, but said talks with potential partners did not include marketing rights for Bumi’s coal.

The Bakries are in the final stages of talks to refinance a $1.35 billion loan obtained in March to consolidate their debt, after mandatory repayment was triggered by a sharp drop in Bumi’s London shares.

The loan is backed by the Bakrie family’s 47 percent stake in London-listed Bumi Plc.

“The family is making very good progress regarding the refinancing, and I have every confidence they will emerge in good shape,” Rothschild said on Monday.

But he dismissed speculation the mandatory repayment had caused a rift between himself and the Bakrie family.

“We have to remember that what happened over the summer has been likened to a 1930s-type crisis. That is why the Bakries are in this situation -- it is not because they have done anything that we didn’t know they were doing,” he said.

Sources familiar with the deal have put commodity trader Glencore, already a long-term partner of the Bakries, as a front runner in the refinancing deal, closing in on an agreement to lend $800-$900 million.

The sources had said last week that marketing rights for coal and other commodities were part of that deal.

But Rothschild said on Monday the two issues were separate and refinancing talks did not include marketing promises.

“I can say categorically that no such agreement is being contemplated,” he said.

Reuters