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08

Rothschild Exiting Coal Miner to Aid Talks as Default Looms

By Tony Seruga

Financier Nathaniel Rothschild. Photographer: Simon Dawson/Bloomberg

Financier Nathaniel Rothschild’s decision to accept a takeover offer for his stake in Asia Resource Minerals Plc paves the way for the new owners to renegotiate bond repayments to avoid default in July.

Indonesia’s PT Berau Coal Energy, of which ARMS owns 85 percent, has $450 million in notes maturing on July 8 and $500 million of debentures due in March 2017. ARMS, with a market value of 88.6 million pounds ($136 million), is seeking to extend debt maturity to 2019 after saying there wasn’t enough cash for noteholders…

Rothschild Exiting Coal Miner to Aid Talks as Default Looms

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