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Article: Credit Suisse Arranging New Loan for Bakries: Sources

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Daily News
Article date:
October 22, 2008
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JAKARTA, Indonesia (Reuters) - Credit Suisse is arranging a new loan package for a holding company of Indonesia's Bakrie family, according to sources close to the matter, in a deal meant to help the group repay around $1 billion of debt.

PT Bakrie & Brothers Tbk, the holding company controlled by Indonesia's wealthiest family, said this month it hoped to raise $1.2 billion by selling off assets, including a stake in coal company Bumi Resources. Proceeds would be used to pay off its debt.

But with Indonesia's financial markets in deepening turmoil, it may prove difficult to sell assets quickly, which has prompted its financial adviser to seek new money.

Bakrie & Brothers said in a statement ...

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