{
    "success": true,
    "data": {
        "id": 1282091,
        "msgid": "companies-under-jitf-get-special-treatment-1447893297",
        "date": "2000-06-21 00:00:00",
        "title": "Companies under JITF get special treatment",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Companies under JITF get special treatment JAKARTA (JP): The Jakarta Stock Exchange (JSX) management has agreed to exempt poorly performing companies from the existing listing requirement if they are engaged in debt restructuring talks with their respective creditors. The agreement was signed here early this week with the Jakarta Initiative Task Force (JITF), a special government agency established in early 1999 to help facilitate debt-laden companies in settling their debts.",
        "content": "<p>Companies under JITF get special treatment<\/p>\n<p>JAKARTA (JP): The Jakarta Stock Exchange (JSX) management has<br>\nagreed to exempt poorly performing companies from the existing<br>\nlisting requirement if they are engaged in debt restructuring<br>\ntalks with their respective creditors.<\/p>\n<p>The agreement was signed here early this week with the Jakarta<br>\nInitiative Task Force (JITF), a special government agency<br>\nestablished in early 1999 to help facilitate debt-laden companies<br>\nin settling their debts.<\/p>\n<p>Bacelius Ruru, the chairman of JITF, said many companies were<br>\nfacing a delisting threat from the JSX due to a continued decline<br>\nin their financial performances.<\/p>\n<p>\"Under the MoU (Memorandum of Understanding) between JITF and<br>\nJSX, those companies are exempted from the existing listing<br>\nrequirement for up to six months,\" he said, adding that the<br>\nexemption period was, however, extendible under special<br>\ncircumstances.<\/p>\n<p>Companies qualified for the special consideration are those<br>\nthat are in active negotiations with their creditors under the<br>\nJITF mediation and are classified as \"cooperative\" by JITF,<br>\naccording to Bacelius.<\/p>\n<p>\"Publicly listed companies are a valuable component in debt<br>\nrestructuring negotiations and if they are delisted, this can<br>\nreduce the chances of reaching a successful restructuring<br>\nagreement,\" Bacelius added<\/p>\n<p>The MoU between JITF and JSX would prevent the above from<br>\nhappening, Bacelius said, adding that those companies would have<br>\na better chance of reaching an agreement with their creditors if<br>\ntheir listing on the stock exchange was maintained.<\/p>\n<p>JSX president Mas Achmad Daniri said the MoU served as one of<br>\nthe strategic moves to help the publicly listed companies get out<br>\nof the economic crisis.<\/p>\n<p>\"This is one way to help them, while still upholding the<br>\nintegrity and confidence of the market,\" he said adding that<br>\ndebt-trapped companies labeled \"uncooperative\" by JITF would not<br>\nget the waiver.<\/p>\n<p>At least 20 companies listed on the JSX have received a<br>\ndelisting threat due to their deteriorating financial<br>\nperformances. Most of them have defaulted on their debts with<br>\nlocal and foreign creditors. (udi)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/companies-under-jitf-get-special-treatment-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}