JAKARTA: PT Bakrie & Brothers Tbk is planning to use debt to asset settlement scheme to cut IDR3 trillion debt that is targeted to finish in IIIQ/2011.The scheme was chosen as it is easier and can reduce the use of corporate cash, Director of Finance Eddy Soeparno told Bisnis.Mostly, we will use debt to asset settlement scheme and the remaining 10% by cash.The BNBR-coded share has settled IDR2.2 trillion debt last year so companys remaining debt is IDR3 trillion. As most of BNBRs asset is in the form of stock, company stock portfolio reduced when the company paid off debt IDR2,2 trillion a year ago.Previously, the group has cut its debt position from IDR10.5 trillion early 2010 to IDR7 trillion at the end of 2010.It also in the process of refinancing of IDR4.7 trillion syndicated loan from Credit Suisse for the sell and purchase transaction of its subsidiary PT Bumi Resources to Vallar Plc.Based on BNBR financial statement in the first half, the loan will due on March 2, 2012. The facility was pledge with all of companys share ownership in Vallar.BNBR, total short term debt on the period was IDR5.56 trillion from IDR2.17 trillion in December 2010. To finance the obligation, the company is studying the option of bond issuance or loan from international institutions. (t05/msw)

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