Bumi in talks with CIC on $600 mln debt swap

* Aims to swap debt for equity in Bumi, Bumi Minerals or Vallar/Bumi

Bumi Resources , Asia's biggest thermal coal exporter, said on Thursday it was in talks with China Investment Corp (CIC) on the possible swap of $600 million debt into equity.

"There are several options to swap it. It could be with Vallar's shares, Bumi's shares or BRM's shares," Kenneth P. Farrell, a Bumi director, told Reuters. 

"But it fully depends on CIC approval," said Farrell, also the chief executive officer of Bumi Resources Minerals (BRM) . 

The Bakrie Group, including Bakrie & Brothers, and the Rothschild banking dynasty joined forces in November for Vallar to take a 25 percent stake in Bumi and a 75 percent stake in Berau Coal Energy . The Bakrie Group will own 43 percent in Vallar, which was renamed Bumi Plc on Tuesday. 

Bumi has said its first priority was to repay a first tranche of $600 million in debt this October -- two years earlier than scheduled -- out of a total $1.9 billion it owes to China's sovereign wealth fund. CIC was unavailable for immediate comment. Source: Reuters