BPS closure hits bankruptcy claim against Semen Cibinong<\/p>\n
JAKARTA (JP): The Central Jakarta Commercial Court postponed
\non Monday the first hearing of a bankruptcy claim filed by Bank
\nPapan Sejahtera (BPS) against PT Semen Cibinong due to the
\nuncertainty over the legal status of the newly-closed bank.<\/p>\n
\"I will consult with the central bank and an expert familiar
\nwith bank closures about Bank Papan's legal status. We have to
\ncontinue this hearing tomorrow (Mar. 16),\" Judge Haryono told the
\ncourt in Monday's hearing.<\/p>\n
Hotman Paris Hutapea, Semen Cibinong's lawyer, questioned the
\nlegal status of Bank Papan after it was included in the list of
\nclosed banks announced by the government on Saturday.<\/p>\n
\"Bank Papan is closed. How can a non-existent entity file a
\nbankruptcy claim against Semen Cibinong?\" Hotman asked the judge
\nat the hearing.<\/p>\n
According to a Bank Papan lawyer, Lucas, Bank Papan has not
\nyet been liquidated, so that it is still an existing entity.<\/p>\n
\"Even though Bank Papan's business license has been revoked,
\nthe bank is still operating as an entity. In fact, the bank's
\noperating license issued by the central bank is still valid,\"
\nLucas added.<\/p>\n
Bank Papan, one of 38 banks closed by the government on
\nSaturday, filed a bankruptcy petition against Semen Cibinong with
\nthe court last week for the company's failure to settle loans
\namounting to $8.6 million which became due between June 30 and
\nOct. 1 last year.<\/p>\n
Bank Papan said it had sent a number of warning letters to
\nSemen Cibinong, controlled by businessman Hashim S.
\nDjojohadikusumo through his Tirtamas Group but the warnings were
\nignored.<\/p>\n
Hotman, however, said that Semen Cibinong had no longer had
\nany bank loan outstanding with Bank Papan since January.<\/p>\n
\"Semen Cibinong's bank loan with Bank Papan was converted into
\nbonds in January 1999. And these bonds have not matured yet. So,
\nthere is no overdue cash payment on which to base Bank Papan's
\nbankruptcy claim against my client,\" Hotman said.<\/p>\n
On the contrary, Lucas said that the bank loan had never been
\nconverted into bonds.<\/p>\n
Lucas acknowledged that there was a new agreement in January
\nwith Semen Cibinong but such a deal should not be interpreted as
\nconverting Semen Cibinong's bank loan into bonds.<\/p>\n
Semen Cibinong still therefore has an outstanding debt
\namounting to $8.6 million to Bank Papan, he said.<\/p>\n
The second hearing of Bank Papan's bankruptcy claim which will
\nbe held on Tuesday is to decide the legal status of Bank Papan
\nand the status of Semen Cibinong's debt, and whether the latter
\nis still a bank loan or has become bonds.<\/p>\n
The commercial court's presiding judge has instructed both
\nprosecutor and defendant to present a written argument about the
\ndebt's status.<\/p>\n
Semen Cibinong's debt to Bank Papan is part of its total debts
\nof US$1.1 billion to more than 60 creditors, according to the
\ncompany's spokesman Jannus Hutapea.<\/p>\n
He added that Semen Cibinong is at the final stage of the
\nnegotiations with creditors to draw up a debt restructuring plan.
\n(02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bps-closure-hits-bankruptcy-claim-against-semen-cibinong-1447893297",
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