'Surabaya Post' declared bankrupt<\/p>\n
Ainur R. Sophiaan, The Jakarta Post, Surabaya<\/p>\n
The Surabaya Post evening newspaper, which ceased publication
\non May 1 this year, was declared bankrupt, making its
\nreappearance virtually impossible in the near future, its senior
\njournalists said on Tuesday.<\/p>\n
The bankruptcy decision was made at a shareholders' meeting
\nlate on Monday attended by all three owners -- Didi Azis, Indra
\nJaya Azis and Iwan Jaya Azis, who are all brothers.<\/p>\n
\"It was the only decision the shareholders could make. The
\ncompany has been forced to take this step because of the enormous
\nlosses it has had to bear since the end of last year,\" Yunani
\nR.M., a senior journalist, quoted Iwan Jaya, an economic expert,
\nas saying.<\/p>\n
He said the company also pledged to pay severance payment to
\nall its 245 employees after an appraisal of its assets is
\nconducted on Wednesday in Jakarta.<\/p>\n
Yunani, a member of the team of 10 representing the workers,
\nsaid the three shareholders did not elaborate on the decision,
\nnor did they say whether the company will republish the paper in
\nthe future.<\/p>\n
\"Actually, all the journalists and other employees of the
\nformer newspaper are prepared to do whatever it takes to make it
\nreappear,\" he added.<\/p>\n
Saiful Irwan, leader of the company's workers association,
\nsaid the decision to declare bankruptcy had never been discussed
\nwith employees.<\/p>\n
\"We are confused as to why the shareholders made such a
\ndecision. They had never informed us of this before. All of them
\nlive in Jakarta,\" he said.<\/p>\n
Saiful added the problem was that most of the assets, which
\nhave been guaranteed to pay off the workers, did not belong to
\nthe company.<\/p>\n
The assets are still controlled under the name of the late
\nToety Azis, who is the mother of the three shareholders, he
\nadded.<\/p>\n
Echoing Yunani's statement, Saiful said a group of journalists
\nand administrative staff members of the company have been
\nnegotiating with one of the owners to seek the newspaper's
\npossible reopening.<\/p>\n
The newspaper halted publication on May 1, 2002, due to
\nfinancial problems blamed on the company's mismanagement. The
\ncompany had been losing Rp 500 million a month when it called it
\na day in May.<\/p>\n
The Surabaya Post was established on April 1, 1953 by senior
\njournalist, the late R. Abdul Aziz. It was most popular in 1980-
\n1981 when it reached a circulation of more than 80,000 copies.<\/p>\n
In its dying days, just 5,000 copies of the newspaper were
\nbeing printed.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/surabaya-post-declared-bankrupt-1447893297",
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