Amid the debt problems that surround the company, telco firm Bakrie Telecom (BTEL) plans to conduct a complete business transformation as a retail telecommunications service provider to TMT Infrastructure Provider.
The company currently in the process to restructure its debt with total amount Rp11 trillion from 580 creditors. The debt restructuring is carried out through a stock conversion scheme. Of the total debt, as much as 70% would be converted into shares.
At present, BTEL has been restructured is the debt to their biggest creditor Huawei Technologies Co., Ltd., a Chinese multinational networking, telecommunications equipment, and services company.