61:
115:
235:
later did not proceed with the deal. Both the 2015 and 2017 notes are currently in default. Since July 2015, the Berau Group has brought 4 separate rounds of scheme of arrangement / moratorium proceedings, with terms which have been described as "frankly insulting" at a time when global coal prices had doubled. None of the schemes has succeeded.
234:
Berau
Capital Resources Pte issued US$ 450 million worth of 12.5% guaranteed senior secured notes, in 2015. PT Berau Coal Energy also issued US$ 500 million worth of 7.25% guaranteed senior notes in 2017. While these were to be restructured under an agreement with bondholders, the company
222:
The
Widjaja's Sinar Mas subsidiary company, Asia Coal Energy Ventures, spearheaded by the 33-year-old Fuganto Widjaja, together with Argyle Street Management Ltd., countered on 7 May 2015 with a cash offer and alternative recapitalisation plan involving a $ 150 million cash injection and a
252:
In April 2019, following the default of two bonds worth about US$ 1 billion, the
Widjaja family was taken to court in New York by investors in Berau coal, seeking damages of US$ 165M plus interest. Legal advisers for the plaintiffs, a New York hedge fund, claimed in court that many of the
214:
After a series of internal disputes, board room battles and court inquiries into "financial irregularities" at Berau Coal, Amir
Sambodo agreed to resign in March 2015 as president of Berau. However, he failed to relinquish the position and refused to allow
219:'s chief financial officer, chief mining officer or his successor into the head office of Berau. For a while, executives acting on behalf of Rothschild only had limited access to Berau's accounting systems and bank account information.
243:
Berau Coal Energy has been delisted from the IDX since 16 November 2017, following multiple suspensions over the course of the last 2 years and failure to submit timely annual reports and financial statements since 2014.
210:
As part of an effort to restructure and take control of the business, Rothschild offered to inject US$ 100 million into Berau Coal and offered sign a restructuring support agreement with creditors in
February 2015.
253:
tactics employed by the
Widjaja family during the APP restructuring were being deployed again. The Financial Times noted that the case came as "concerns build over Indonesia’s political and economic environment".
629:
223:
restructuring support agreement similar to the one offered by
Rothschild in May. In response Rothschild gave up his long battle for ARM and agreed to sell his 17.2% stake in June 2015.
173:. Estimated resources of about 2.6 billion tons, with probable and proven reserves estimated at 512 million tons (mt), lie within a single concession of around 118,400 hectares.
203:
In 2013, it was variously reported that $ 173 million had allegedly gone "missing" or that "mysteriously vanished" or that a withdrawal was "unauthorised" from Berau Coal under
485:
1005:
381:
779:
896:
433:
995:
563:
153:
Berau Coal Energy was created in 1983, following the signing of a contract with the
Indonesian government as sole mining contractor within the
52:
336:
873:
537:
459:
226:
Rothschild's holding company later commented on the affair that "This will be our first and last investment in
Indonesia’s coal sector"
197:
1010:
990:
762:
725:
307:
715:
Debtwire, ‘Berau creditor
Argentem loses battle to block Singapore scheme meeting, but wins on class issue’, 20 February 2018
985:
349:
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866:
411:
787:
647:
593:
695:
859:
954:
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60:
959:
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41:
811:
667:
511:
45:
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1000:
272:
216:
193:
938:
744:
8:
883:
267:
169:
Berau Coal operate three active mines (Lati, Sambarata and Binungan) at a single site in
277:
817:
696:"Indonesia's Sinar Mas to restructure Berau Coal's $ 950 mln debt-Investor Daily"
673:
282:
262:
181:
170:
158:
564:"With founder on hook for $ 173M, private equity company plans media asset sale"
337:"Berau's proposed maturity extension of 2015 notes likely a distressed exchange"
105:
Amir Sambodo, President Director, Deswandhy Agusman, Vice President Commissioner
928:
630:"Company suspends shares trading after former CEO refuses to leave head office"
204:
27:
979:
918:
154:
35:
913:
177:
851:
460:"Former Bumi owner wins legal battle to recoup £110m from ex-director"
844:
127:
665:
Wilson, James; Chilkoti, Avantika; Aglionby, John (8 June 2015).
382:"PT Berau Coal Energy Tbk Company Profile | Markets Insider"
90:
668:"Nat Rothschild gives up long battle for Asia Resource Minerals"
933:
812:"US hedge funds face court battle with Indonesia mining group"
486:"Breakthrough in pursuit of former Bumi director's assets"
434:"Rosan Roeslani emerges as surprise buyer of Inter Milan"
726:"Berau's low-brow offer is pause for thought | IFR"
538:"Bumi Says Roeslani Claims He Doesn't Owe Company Funds"
664:
184:
techniques, primarily to supply the Chinese market.
512:"Nat Rothschild sells Asia Resource Minerals stake"
810:
666:
612:"Berau battle heats up as Raiffeisen sells stake"
1006:Companies listed on the Indonesia Stock Exchange
977:
867:
711:
709:
367:Berau Coal Energy | Resource and Quality
207:'s leadership. Roeslani disputed the claims.
780:"Berau Coal will be delisted on November 16"
350:"Berau to invest $ 300m to boost production"
145:is Indonesia's fifth largest coal producer.
874:
860:
706:
648:"Nat Rothschild Agrees to Sell ARMS Stake"
594:"Nat Rothschild Agrees to Sell ARMS Stake"
587:
585:
59:
763:"Release of Claims against Third Parties"
745:"Coal PRICE Today | Markets Insider"
591:
318:
316:
302:
300:
298:
996:Indonesian companies established in 1983
897:Ministry of Energy and Mineral Resources
808:
881:
743:GmbH, finanzen net (18 December 2023).
582:
978:
313:
295:
855:
103:Bob Kamandanu, President Commissioner
742:
200:'s £700m cash shell, in July 2010.
13:
14:
1022:
836:
786:. 18 October 2017. Archived from
322:Indonesian Coal Book, 2004–2005,
379:
187:
114:
113:
809:Weinland, Don (15 April 2019).
802:
772:
755:
736:
718:
688:
658:
640:
622:
604:
592:MacDonald, Alex (8 June 2015).
556:
530:
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404:
373:
355:
342:
329:
1:
1011:2010 initial public offerings
991:Mining companies of Indonesia
414:. express.co.uk. 10 July 2010
348:The Jakarta Post, Sept 2013,
288:
164:
412:"£707M Vallar float exceeds"
161:. Production began in 1994.
7:
986:Coal companies of Indonesia
256:
118:US$ 507 million (2012)
10:
1027:
335:Moody's Investors Service
192:Berau Coal became part of
148:
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906:
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122:
109:
97:
86:
68:
51:
33:
23:
19:PT Berau Coal Energy Tbk.
176:All three mines produce
143:PT Berau Coal Energy Tbk
652:The Wall Street Journal
598:The Wall Street Journal
352:Retrieved February 2015
339:Retrieved February 2015
326:Retrieved February 2015
310:Retrieved February 2015
239:Suspension from the IDX
196:plc, British financier
363:"Resource and Quality"
306:Indonesia Investments
273:Asia Resource Minerals
217:Asia Resource Minerals
74:; 41 years ago
939:Newmont Nusa Tenggara
180:, using conventional
380:GmbH, finanzen net.
198:Nathaniel Rothschild
884:Mining in Indonesia
790:on 22 November 2018
568:Nikkei Asian Review
268:Asia Pulp and Paper
248:New York Court Case
20:
570:. 11 February 2015
466:. 31 December 2014
438:The Telegraph (UK)
278:Eka Tjipta Widjaja
72:26 April 1983
57:ID1000116502
18:
973:
972:
924:Berau Coal Energy
544:. 4 December 2013
440:. 15 October 2013
308:Berau Coal Energy
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845:Official website
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749:Business Insider
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392:on 29 April 2019
388:. Archived from
386:Business Insider
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130:.beraucoalenergy
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818:Financial Times
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702:. 14 July 2015.
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283:Fuganto Widjaja
263:Sinar Mas Group
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190:
182:open pit mining
171:East Kalimantan
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159:East Kalimantan
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929:Bumi Resources
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837:External links
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784:IDN Financials
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654:. 8 June 2015.
639:
636:. 22 May 2015.
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492:. 4 March 2014
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1001:Berau Regency
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919:Aneka Tambang
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634:The Telegraph
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618:. 8 May 2015.
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518:. 8 June 2015
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188:Controversies
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155:Berau regency
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914:Adaro Energy
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822:. Retrieved
816:
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792:. Retrieved
788:the original
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748:
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729:
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690:
678:. Retrieved
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572:. Retrieved
567:
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546:. Retrieved
541:
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520:. Retrieved
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494:. Retrieved
489:
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468:. Retrieved
464:The Guardian
463:
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442:. Retrieved
437:
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416:. Retrieved
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394:. Retrieved
390:the original
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178:thermal coal
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87:Headquarters
24:Company type
15:
948:Commodities
794:22 November
680:15 February
396:22 November
93:, Indonesia
980:Categories
289:References
165:Production
99:Key people
79:1983-04-26
907:Companies
542:Bloomberg
36:Traded as
824:29 April
574:28 April
548:28 April
522:28 April
496:28 April
470:28 April
418:28 April
257:See also
230:Defaults
955:Bauxite
700:Reuters
616:Reuters
149:History
123:Website
110:Revenue
91:Jakarta
77: (
69:Founded
44::
965:Nickel
934:Inalum
444:6 June
324:P52-55
194:Vallar
28:Public
766:(PDF)
960:Coal
826:2019
796:2018
730:IFRe
682:2023
576:2024
550:2024
524:2024
498:2024
472:2024
446:2015
420:2024
398:2018
53:ISIN
46:BRAU
157:of
134:.id
132:.co
128:www
42:IDX
982::
815:.
782:.
747:.
728:.
708:^
698:.
671:.
650:.
632:.
614:.
596:.
584:^
566:.
540:.
514:.
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462:.
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384:.
365:.
315:^
297:^
875:e
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861:v
828:.
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732:.
684:.
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578:.
552:.
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500:.
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448:.
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369:.
81:)
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