BCM survives bankruptcy suit<\/p>\n
JAKARTA (JP): The Central Jakarta Commercial Court has
\nrejected a bankruptcy claim filed by listed Bank Internasional
\nIndonesia (BII) against the debt guarantors of PT Bentala Coal
\nMining (BCM) on procedural reasons.<\/p>\n
Purwoko J. Soemantri, the lawyer for PT Bentala Coal Mining,
\nsaid that the court's decision was issued on Aug. 25 in favor of
\nhis client.<\/p>\n
The bankruptcy claim was invalid because it was filed by the
\nmanagement of the bank when it was already taken over, he said.
\nHe said BCM was under debt negotiation with the Indonesian Bank
\nRestructuring Agency (IBRA) because BII had lost authority over
\nall its receivables to IBRA when it joined the recapitalization
\nprogram.<\/p>\n
BII was taken over by IBRA when it joined the government-
\nsponsored recapitalization program in March.<\/p>\n
The plaintiff's lawyer, Benny K. Harman, regretted the verdict
\nsaying that even though BII was taken over by IBRA, it did not
\nmean BII could not defend its rights.<\/p>\n
\"BII has signed a recapitalization agreement with the
\ngovernment, but clearly the agreement did not stipulate that BII
\nwould lose its collection rights over its debtors to IBRA,\"
\nBenny told The Jakarta Post on Monday. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bcm-survives-bankruptcy-suit-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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