JAKARTA, Oct. 13 (Xinhua) -- The Indonesian business group, Bakrie and Brothers said it would settle its 1.2 billion U.S. dollars debt, involving the selling of stakes in the country's top coal miner Bumi resources, a paper said here Monday.

    Director of Bakrie and Brothers Ari Saptari Hudaya was quoted by Bisnis Indonesia daily as saying that currently negotiations were being carried out in dealing with the plan to sell shares at the group's business branches, including Bumi Resources Inc., Bakrie Sumatra Plantation., Bakrie Development., Bakrie Telecom and Energy Mega Persada Inc..

    He said that the sale of the shares was aimed to pay the 1.2 billion U.S. dollars debt to creditors, including Odickson Finance, JP Morgan Chase and Co, and ICICI Bank Ltd..

    Hudaya said that consortia, including Avenue Capital and CreditLyonaise, showed interest in the shares and now were carrying out due diligence.

    The group is controlled by the Indonesian Minister for People Welfare and Poverty Alleviation Aburizal Bakrie.