Bakrie Group Struggles To End Deadlock

In a move that may bring some resolution to a corporate crisis that has engulfed the countries capital markets, Indonesia's Bakrie & Brothers confirmed on November 3 that it will sell a 35% stake in coal miner Bumi Resources to Northstar Pacific investment group for around US$1.3bn. Trading in Bakrie group firms has been suspended since October 7, pending payment of outstanding debts which currently total more than US$1.2bn. These date back to 2007, when Bakrie & Brothers borrowed US$1.1bn using Bumi stock as collateral, stock which subsequently lost 75% of its value since it peaked in June

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