Asia's biggest thermal coal exporter Bumi Resources said that it was in talks with China Investment Corp on the possible swap of USD 600 million debt into equity.

Mr Kenneth P Farrell a Bumi director told Reuters that "There are several options to swap it. It could be with Vallar's shares, Bumi's shares or BRM's shares. But it fully depends on CIC approval.”

Mr Farrell, also the chief executive officer of Bumi Resources Minerals.

The Bakrie Group, including Bakrie & Brothers, and the Rothschild banking dynasty joined forces in November for Vallar to take a 25% stake in Bumi and a 75% stake in Berau Coal Energy.

(Sourced from Reuters)