Creditors to auction Fiskaragung assets<\/p>\n
JAKARTA (JP): Creditors of bankrupt PT Fiskaragung Perkasa
\nwill sell fixed assets of the publicly listed salt producer
\nthrough an asset auction or a direct offer to an interested
\ninvestor, an official said.<\/p>\n
Tuti Simorangkir from Makarim & Taira S. law firm, who is
\nacting as the court-appointed receiver for Fiskaragung, said
\ncreditors were not interested in taking over the bankrupt company
\nbut expressed interest in selling it to a third party.<\/p>\n
"The creditors don't mind if it has to go through an assets
\nauction or a direct sale to an interested investor, as long as
\nthey can get their money back soon."<\/p>\n
But she said sale of the assets at auction would end the
\ncompany's chances of continuing its operations.<\/p>\n
"If it happens, Fiskaragung will be immediately liquidated."<\/p>\n
Fiskaragung's concern is for its operations to continue, Tuti
\nadded.<\/p>\n
Its total debts are US$40.5 million and Rp 18 billion based on
\nthe latest data, Tuti said.<\/p>\n
"The creditors are expecting Fiskaragung could be purchased by
\ninvestors at the price of its total debts."<\/p>\n
One of the creditors' lawyers, Rafael Adrian from Taira Faisal
\n& Panggabean law firm, said the total value of Fiskaragung's
\nassets would not cover its total debts of over $40 million.<\/p>\n
"The value of the three lines of equipment Fiskaragung
\npossesses at its factory are not worth anywhere close to the
\namount of debts the company accrued to buy such equipment."<\/p>\n
He alleged there were indications that part of the loans for
\nequipment was diverted.<\/p>\n
"There was a missing link between the total loan received and
\nthe value of the assets Fiskaragung currently possess," he said.<\/p>\n
Fiskaragung was declared bankrupt in late November by the
\nJakarta Commercial Court after it failed to reach a debt
\nrestructuring agreement with its creditors during a debt payment
\nsuspension (PKPU) period granted by the court.<\/p>\n
PKPU is the standstill period during which an indebted company
\nmust come up with a debt-restructuring proposal. It must be
\napproved by a majority vote of creditors.<\/p>\n
PKPU allows the company a maximum 270-day period to negotiate
\nthe debt-restructuring agreement with its creditors; failure to
\nreach an agreement within the period will lead to a declaration
\nof bankruptcy by the court.<\/p>\n
Fiskaragung's majority creditors were not satisfied with the
\ndebt-restructuring plan and voted to reject it within the first
\nfour months of the PKPU period.<\/p>\n
Ten foreign creditors jointly filed a bankruptcy suit against
\nFiskaragung in the Jakarta Commercial Court in May for failure to
\nrepay $29 million in matured debts.<\/p>\n
The foreign creditors are from Hong Kong, South Korea,
\nMalaysia and Singapore.<\/p>\n
The Hong Kong creditors are Hanil Leasing & Finance (HK) Ltd.,
\nHanmi Leasing and Finance (HK) Ltd., KEB Leasing and Finance
\nLtd., CBK Leasing and Finance (HK) Ltd., ORIX Asia Limited and
\nHong Kong First Citicorp Leasing (HK) Ltd.<\/p>\n
Kyongnam Bank of Korea and Kookmin Bank are from South Korea,
\nAMMB International from Malaysia and KDLC Leasing from Singapore.
\n(udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/creditors-to-auction-fiskaragung-assets-1447893297",
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