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Empresas y finanzas

Indonesia's Bakrie Group to repay $437 million of debt


    JAKARTA (Reuters) - PT Bakrie & Brothers , the investment arm of Indonesia's Bakrie Group, and affiliate Long Haul Holdings have agreed with creditors a plan to repay $437 million of debt arranged by Credit Suisse , the firm said on Monday.

    However, the company did not elaborate on how it will repay the debt, which uses the Bakrie Group's 23.8 percent stake in London-listed coal miner Bumi Plc as collateral.

    In June, the Bakrie Group, whose scion Aburizal Bakrie has his sights on getting elected as Indonesia's president in 2014, asked creditors for more time to resolve a mid-April covenant breach on the loan.

    (Reporting by Janeman Latul and Andjarsari Paramaditha; Editing by Neil Chatterjee)