Indonesian CDMA wireless operator PT Bakrie Telecom has failed to raise enough funds to repay IDR650 billion (USD69 million) of loans that mature in August 2012, The Jakarta Post reports. The news is a blow to the operator which recently had its debt put on a negative watch rating by Fitch amid concerns about its ability to service and roll over its debt. By the start of the second quarter of this year, Bakrie could only bank on liquid assets of IDR215 billion (in cash and equivalents) and has since failed to raise sufficient additional funding.
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OVETEL Indonesia’s Bakrie fails to secure funding for debt repayment
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