Bakrie Telecom says it can move forward after restructuring

12 Jun 2013

The Jakarta Post quotes Bakrie Telecom president Anindya Bakrie as saying that following a ‘challenging year’ in 2012, in which the firm carried out an extensive restructuring, the wireless carrier can move forward in 2013. Although he declined to confirm whether or not the corporate reorganisation will ‘heal its financial wounds’, he did say that the preliminary results for the January-March 2013 period show that the plan is working. Anindya said that Bakrie Telecom’s restructuring plan has helped to trim net losses to IDR97.4 billion (USD9.91 million) in 1Q13, from IDR355.6 billion in the corresponding period of 2012. The official went on to say that the telco’s financial, operational and organisational structure have all been ‘altered’ as a result of the process, which in his words were ‘revitalised’ following the payment of bonds of IDR650 billion, due last year. Having paid off 38.4% of the bonds through a rights issue, the operator secured an IDR400 billion syndicated loan from Credit Suisse to cover the remainder. Nonetheless, it still has liabilities of IDR7.3 trillion.

Indonesia, Bakrie Telecom (BTel)