Reuters dominates Indonesian coal miner Bumi saga
10.17.2008
Reuters broke news on Oct 17 that Indonesia private equity firm Northstar Pacific and U.S. hedge fund Farallon Capital were among investment firms interested in a stake in Indonesia’s top coal firm, Bumi Resources, a heavily indebted coal firm that is controlled by the family of Aburizal Bakrie, Indonesia’s social welfare minister. Reuters then broke news on Oct 22 that Credit Suisse was working to arrange a new loan for the Bakries to allow them to repay $1 billion. Concerns about the company’s debts have been weighing on the Indonesia stock market, contributing to its suspension earlier this month and a halt on trading in a number of Bakrie-related firms.
