BMTR asks for US$25 M compensation from bondholders

PT Global Mediacom (BMTR) Tbk has filed lawsuit against DB Trustees (representative of bondholders), Mobile-8 Telecom Finance Company BV, and PT Mobile-8 Telecom (FREN) Tbk. BMTR asks for material loss compensation of US$25 million from these companies, where two of them were actually BMTR's subsidiaries.  

BMTR told IDX this morning that filed the lawsuit to counter a lawsuit filed by bondholders against FREN over the defaulted US$100 million bonds and BMTR as the former controlling shareholder of FREN. Wow!

Why BMTR did that? The company argues that it is not a party in the indenture agreement signed August 15, 2007, and that it never gave both oral and written commitment to maintain its ownership in Mobile-8 above 51% (which triggered the default of bonds).

BMTR is controlled by Harry Tanoesoedibjo family. BMTR was the controlling owner of FREN, but then divested most of its shares to Jerash Investment, Dubai. BMTR, while keeping about 19% shares in FREN, denied of maintaining the control of the ailing telecommunication company.

READ MORE!!!