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More Restructuring of Bali Nirwana Resort Debt?

Bakrie Control at Bali Nirwana Resort Likely to be Reduced as BPPN Moves In.


Bali News:
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(1/18/2003)

According to a report in the Indonesian language Bisnis Indonesia, the Government's Committee for Financial Policy has instructed the Bank Restructuring Agency - BPPN to exercise the convertible bonds held by the Agency in connection with the Bali Nirwana Resort (BNR), the owners of Bali's Le Meridien Nirwana Resort and Spa.

Should the recommendation be accepted by the Resort's owners - The Bakrie Group and BPPN, then 90% of the ownership of the Resort would be in BPPN's hands.

The sustainable debt at BNR is estimated between US$ 20-30 million from a total indebtedness of US$ 172 million. The proposed conversion of US$ 82 million in convertible bonds would effectively surrender management control of the Resort from Bakrie to the BPPN.

BPPN has indicated that under their control they intend to try to renegotiate the management contract for the BNR with Le Meridien on more favorable terms.

It should be noted that the ongoing discussions on how best to satisfy the Resort's debts has no effect on the day-to-day operation of the popular Spa Resort.



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