Rothschild shell in talks on debt restructuring

BUMI, the mining group founded last year by billionaire financier Nathaniel Rothschild (pictured), said it was in talks over a possible restructuring of a debt facility.

“Bumi has been informed that the facility will be due for repayment in the near future and that the borrowers are currently in discussions with a view to restructuring and/or repaying the facility,” it said yesterday.

Shares in its PT Bumi Resources arm rose sharply in Indonesia on hopes a debt refinancing plan could be reached, but its UK shares fell four per cent.

Bumi had planned to repay a $600m (£388m) tranche loan in October to sovereign wealth fund China Investment Corporation (CIC).

It had obtained a $1.9bn loan from CIC, one of its biggest creditors, in 2009 with a 12 per cent annual interest rate.