Court OKs Bakrie's appeal<\/p>\n
JAKARTA (JP): The Central Jakarta Commercial Court has
\napproved PT Bakrie & Brothers' appeal to suspend the payment of
\nits US$1.08 billion debt, the company said on Tuesday.<\/p>\n
Bakrie spokesman Lalu Mara Satriawangsa said the company
\nexpected that with the approval, the current debt restructuring
\nprocess could be finalized under the court's supervision.<\/p>\n
Although negotiations began in late 1997, Bakrie has never
\nobtained 100 percent creditors' approval to put into effect a
\ndebt restructuring deal they had agreed on.<\/p>\n
Bakrie has said that only 76 percent of Bakrie's more than 150
\ncreditors agreed on a debt to equity and asset swap scheme.<\/p>\n
As some creditors rejected the scheme, Bakrie last month
\nappealed for the suspension of its debt payment, which would
\nallow it to negotiate a debt restructuring proposal under the
\ncourt's supervision.<\/p>\n
Under the Bankruptcy Law, Bakrie needs only to secure the vote
\nof two-thirds of its creditors to go ahead with the debt
\nrestructuring plan. (bkm)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/court-oks-bakries-appeal-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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