JAKARTA, Aug 13 (Reuters) - Heavily indebted PT Bumi Resources Tbk, Indonesia's biggest coal producer, said it has secured approval from a group of bondholders to change the terms of its $375 million bonds as the firm struggles with sliding shares and falling coal prices.
The committee represents 30 percent of the holders of the convertible bonds, which Bumi has said it is not in a position to settle in cash this month.
The coal producer plans to meet with bondholders on Aug. 22 to negotiate a change of terms for the bonds, issued by its unit Enercoal Resources. The change of terms include extending the maturity to at least April 2018 and lowering its coupon to below 7 percent from 9.25 percent currently.
"The committee has agreed to support the proposal and has recommended the other bondholders to give support," director Dileep Srivastava said in a filing to the stock exchange on Wednesday.
Bumi, controlled by the politically connected Bakrie family, needs at least 66.7 percent of the bondholders to reach quorum at the planned meeting, and 75 percent of attendees must approve any change to the terms of the debt. (Reporting by Fransiska Nangoy; Editing by Fergus Jensen and Ryan Woo)