Bakrie seeks help to solve debts<\/p>\n
JAKARTA (JP): Publicly listed holding company PT Bakrie &
\nBrothers said on Friday it would go to the Jakarta Commercial
\nCourt for help completing its unfinished US$1.05 billion debt
\nrestructuring negotiations.<\/p>\n
\"We will bring our debt restructuring negotiations to the
\n(Jakarta) Commercial Court and abide by whatever results are made
\nthere,\" said Irwan Sarkawi, the company's president director,
\nafter the extraordinary shareholders meeting.<\/p>\n
Bakrie started debt restructuring negotiations with its
\ncreditors (mostly foreign institutions) in 1998, but has never
\nreached 100 percent creditors' approval in order put the debt
\nrestructuring into effect.<\/p>\n
The Jakarta Commercial Court, under the 1998 Bankruptcy Law,
\ncan regulate that debt restructuring of a company can take place
\nif 50 percent plus one of the total number of the creditors
\napprove the debt restructuring programs proposed by the debtor.<\/p>\n
The above approval must represent at least two-thirds of the
\nvalue of the debtor's outstanding debts, according to a lawyer
\nclose to Bakrie & Brothers.<\/p>\n
But failure to get the majority vote, as stipulated under the
\nBankruptcy Law, would cause Bakrie Brothers to be automatically
\ndeclared bankrupt.<\/p>\n
The shareholders meeting also decided to reduce the Bakrie &
\nBrothers six-member Board of Commissioners to only three members.<\/p>\n
Indra Usmansyah Bakrie maintains his position as the company's
\npresident commissioner, with Hamizar Hamid and Amrin Yamin still
\nserving as commissioners. But, Nirwan D. Bakrie, Roosmania
\nKoesmuljono and Cesar C. Zalamea no longer hold their positions
\nas commissioners since Friday.(udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bakrie-seeks-help-to-solve-debts-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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