PHRI to help members solve debt problems<\/p>\n
JAKARTA (JP): The Indonesian Hotel & Restaurant Association
\n(PHRI) said it would set up an independent consultancy team to
\nassist members in solving their debt problem.<\/p>\n
PHRI secretary-general Rianto Nurhadi said the independent
\nteam would involve all parties related to the tourist industry
\nand would work with PHRI's Jakarta Initiative for Tourism Sector
\nDebt Settlement Team.<\/p>\n
\"The consultancy team will help indebted companies objectively
\nassess their business prospects and find immediate solutions to
\nsettle their debt so they can better negotiate with IBRA,\" he was
\nquoted by Antara as saying on Friday.<\/p>\n
IBRA has taken over bad debts worth nearly Rp 200 trillion
\nfrom banks which have been closed down by the government or
\nreceived bailout funds from the government.<\/p>\n
IBRA has warned the indebted companies, comprising 1,689
\ncompanies from almost every business sector in the country, to
\ncome up with a concrete debt settlement program or face legal
\naction.<\/p>\n
At least 50 companies on the list of debtor firms operate in
\ntourism-related industries.<\/p>\n
He said property consultant Jones Lang Wotton would help the
\nconsultancy team assess members' assets.<\/p>\n
The possible involvement of Jones was confirmed by PT Procon
\nConsulindo\/Jones Lang LaSalle Hotels executive Djodi Trisusanto.<\/p>\n
Djodi told The Jakarta Post on Saturday his company and PHRI
\nhad met and discussed Jones' possible involvement with the team.<\/p>\n
\"There has been no official agreement so far. We'll meet again
\nafter the general election process has concluded to discuss the
\nmatter,\" he said.<\/p>\n
He said his company advised PHRI to involve entrepreneurs from
\nthe tourist industry as well as the Ministry of Tourism, Arts and
\nCulture to find an immediate solution for indebted companies in
\nthe industry.<\/p>\n
\"The involvement of the ministry and other related
\ninstitutions is very important, not only to find a solution for
\ndebt problems but also to establish a better strategy to restore
\nthe industry,\" Djodi said.<\/p>\n
More attention should be given to the tourist sector due to
\nits capability to recover from the economic crisis relatively
\nquicker than other business sectors, he added.<\/p>\n
Rianto said PHRI expected IBRA not to treat debtors from the
\ntourist industry the same way it treated companies from other
\nbusiness sectors.<\/p>\n
\"Some tourism entrepreneurs are worried IBRA, with most of its
\nofficials coming from a financial background, may impose a
\nsimilar approach to their companies as it uses for other
\ncompanies. Tourism-related businesses should receive different
\ntreatment due to the particular characteristics of their
\noperations,\" he said.<\/p>\n
Rianto said PHRI could not directly help indebted members
\nbecause some association officials' companies were included on
\nIBRA's list of debtor companies.<\/p>\n
He said PHRI chairman Pontjo Sutowo's PT Indobuildco and vice
\nchairman Said Umar Husein's PT Permadani Khatulistiwa Nusantara,
\nwhich owns the Regent Jakarta hotel, were included on the list of
\nindebted companies, with debts amounting to Rp 835 billion and Rp
\n1.16 trillion, respectively.<\/p>\n
He also said many of the member companies were hesitant to
\ndiscuss their debt problems with PHRI.<\/p>\n
It is possible some of the companies might opt to sell their
\nassets to settle their debt problems, he said.<\/p>\n
According to Djodi, indebted hotel and resort owners were
\nadvised not to sell their properties to settle their debts unless
\nthey had no other choice.<\/p>\n
\"If they have to sell their hotels, they should look for
\ninvestors which offer the best alternatives so they can still own
\ntheir assets,\" he said.<\/p>\n
Most investors currently expect debtor companies to sell their
\nassets at bargain prices because they are not in a position to
\nbargain, he said. (cst)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/phri-to-help-members-solve-debt-problems-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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