What's up with Borneo-Bumi deal?

It's almost two weeks after the scheduled closing of US$3.25 billion deal between PT Borneo Lumbung Energi and PT Bumi Resources Tbk. But it's not clear what's going on.

"The lawyers are fighting still. There are legal issues that need to be settled up-front to please investors. But we hope the deal could be closed this weekend," said one executive involved in the mega deal.
What legal issues?
"There are worrysome mining lifetime contracts with some parties, especially the contractors. Generally it is about assignment and notation of various contracts that Bumi Resources has with various contractors and suppliers," he further said.
Besides, creditors who finance most part of the deal want to secure their payments directly from two assets (PT Kaltim Prima Coal & PT Arutmin Indonesia), not from Borneo as the holding company.
"But we have time till September actually to close the deal," he said. Well, further delay of the deal, if any, would potentially delay another deal, PT Bumi Resources Tbk and PT Energi Mega Persada Tbk merger. Lawyers love the delays. They're the time-keepers great enemies.

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