Bumi units get court moratorium

JAKARTA. Three subsidiaries of Bumi Resources Tbk PT have obtained a six-month moratorium at a Singaporean court against legal action as they apply to enter a court process to restructure their debt, the companies said on Tuesday.

Singapore-based Bumi Capital Pte Ltd, Bumi Investment Pte Ltd and Enercoal Resources Pte Ltd said the moratorium would facilitate discussions with noteholders and bondholders, according to a statement.

Bumi Resources, Indonesia’s largest coal miner, has been struggling to service its debt amid depressed coal prices. It has delayed a coupon payment due October to end of November, according to Reuters.