Advertisement

PT Bumi Resources Chapter 15 Petition Filed

Advertisement

Jakarta, Indonesia-based PT Bumi Resources (f/k/a Bumi Investment) filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-10115.

The Company, which engages in mining business in Indonesia, is represented by Kenneth R. Puhala of Schnader Harrison Segal & Lewis. According to documents filed with the Court, “In recent years, the financial condition of Bumi deteriorated. This was directly attributable to the decrease in the global demand for coal, which resulted in a precipitous drop in coal prices.”

PT Bumi Resources indicates total assets of $3.4 billion. Bumi Investment initiated a previous Chapter 15 filing in December 2014. Also in 2014, the Company initiated proceedings in the High Court of the Republic of Singapore, pursuant to Section 210(10) of the Companies Act.

Read more mining bankruptcy news.