Dharmala Sakti goes bust as debt restructuring opposed<\/p>\n
JAKARTA (JP): In an unprecedented event, creditors voted on
\nWednesday at the Jakarta Commercial Court to bankrupt publicly
\nlisted PT Dharmala Sakti Sejahtera after they turned down the
\nlatter's debt restructuring proposal.<\/p>\n
The vote, which was attended by eligible representatives of
\nalmost all Dharmala Sakti's creditors, resulted in 74.97 percent
\nof the creditors approving the move to declare bankrupt Dharmala
\nSakti, while the rest either opposed the move or abstained.<\/p>\n
\"The creditors have reached the majority vote to decide the
\nfate of Dharmala Sakti, thus the (Jakarta Commercial) Court will
\nhold a session on Friday or Monday to make an official sentence,\"
\nthe judge supervising the voting process, Syamsudin Manan Sinaga,
\nsaid.<\/p>\n
Joint venture creditor PT Hanil Bakrie Finance Corporation
\nfiled a bankruptcy suit in mid-February against Dharmala Sakti
\nfor the latter's failure in repaying a US$2.4 million matured
\ndebt.<\/p>\n
Dharmala Sakti then asked the court to hold off issuing a
\nverdict in the bankruptcy suit filed in order to allow the
\nholding company to negotiate its debt restructuring with the
\ncreditors.<\/p>\n
In the 1998 Bankruptcy Law such a request is possible as
\nstipulated in its suspension of payment section, which says
\nthat a company facing a bankruptcy suit can temporarily halt the
\naction by filing a suspension of payment (locally known as PKPU)
\nrequest to the court.<\/p>\n
If the request is approved, the company is given a maximum of
\n270 days to negotiate a debt restructuring deal with all of its
\ncreditors.<\/p>\n
However, the grace period can be ended at any time by a
\nmajority vote of the creditors if the borrower fails to show it
\nhas the ability and good faith to settle its debts.<\/p>\n
Among the biggest creditors of Dharmala Sakti who
\nparticipated in the voting process were the Indonesian Bank
\nRestructuring Agency, Hong Kong-based Peregrine Fixed Income,
\ncurrently in liquidation, the Singapore branch of Canadian
\nImperial Bank of Commerce, joint venture PT AB Sinar Mas Finance
\nand the Jakarta office of Standard Chartered Bank.<\/p>\n
Dharmala Sakti is a holding company of Dharmala Group, owned
\nby the Gondokusumo family.<\/p>\n
There are five companies affiliated with Dharmala Group that
\nhave been declared bankrupt: PT Dharmala Agrifood, PT Putra Surya
\nMultidana, PT Deemte Sakti Indo, PT Putra Sejahtera Persada and
\nforeign affiliate Detron Ltd. of Singapore. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/dharmala-sakti-goes-bust-as-debt-restructuring-opposed-1447893297",
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