{
    "success": true,
    "data": {
        "id": 1980593,
        "msgid": "creditors-approve-debt-restructuring-1789458708",
        "date": "2026-09-15 14:14:00",
        "title": "Creditors Approve Debt Restructuring",
        "author": "Gana Buana",
        "source": "MEDIA_INDONESIA",
        "tags": "",
        "topic": "Finance",
        "summary": "Shareholders of PT Modernland Realty Tbk. (MDLN) have approved plans to transfer or pledge company assets worth more than 50 per cent of net assets as part of efforts to settle its Guaranteed Senior Notes due April 2027. Under a scheme of arrangement with Modernland Overseas Pte. Ltd., 98.10 per cent of noteholders holding US$262.06 million in claims voted in favour of the restructuring, which now awaits sanction by the Singapore High Court.",
        "content": "<p>Shareholders of PT Modernland Realty Tbk. (MDLN) have approved a plan\nto transfer, convey and\/or pledge company assets worth more than 50 per\ncent of its net assets. The approval forms part of a series of corporate\nactions amid the company\u2019s efforts to settle its obligations under\nGuaranteed Senior Notes maturing on 30 April 2027.<\/p>\n<p>The decision was reached at the Second Extraordinary General Meeting\nof Shareholders (RUPSLB II), held in Jakarta on Monday (14\/9).<\/p>\n<p>Dharma Mitra, President Commissioner of Modernland Realty, said the\ncompany had sought shareholder approval to transfer and\/or pledge assets\nvalued at more than 50 per cent of the company\u2019s total net assets.<\/p>\n<p>\u201cAll such transactions will be carried out in accordance with the\nprevailing regulations,\u201d Dharma said in an official statement.<\/p>\n<p>Modernland Realty Director Fetrizal Bobby Heryunda said the company\nis currently pursuing a liability management strategy to settle\nobligations related to the Guaranteed Senior Notes maturing on 30 April\n2027, known as the 2027 Notes.<\/p>\n<p>The settlement is being pursued through a scheme of arrangement\nmechanism together with Modernland Overseas Pte. Ltd.\u00a0The restructuring\nscheme was launched on 14 August 2026.<\/p>\n<p>In the voting process, which concluded on 24 August 2026, 103 out of\n105 noteholders, or 98.10 per cent, approved the scheme.<\/p>\n<p>Meanwhile, the value of Accepted Scheme Claims approving the scheme\nreached US$262.06 million, or 97.76 per cent.<\/p>\n<p>The voting results were subsequently submitted to the Singapore High\nCourt on 25 August 2026 to obtain approval. The sanction hearing is\nscheduled to take place on 17 September 2026.<\/p>\n<p>Through RUPSLB II, shareholders also granted authority and powers to\nthe Board of Directors of Modernland Realty to carry out the approved\nseries of corporate actions.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/creditors-approve-debt-restructuring-1789458708",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}