(Bloomberg) — An Indonesian coal miner offered to buy back its outstanding dollar bonds at a discount of at least 57%, adding to signs of deepening stress for the sector as demand slumps amid the coronavirus pandemic. Singapore-listed Geo Energy Resources Ltd. offered to pay $430 for every $1,000 of principal to noteholders who submit their tenders before June 4. There is about $154 million outstanding on the securities, which mature in 2022, the company said in an exchange filing Thursday. The price of the bonds has fallen steadily over the past few years into distressed territory.
