Aster denies bankruptcy report

Aster denies bankruptcy report

JAKARTA (JP): Taira Faisal & Panggabean law firm denied on
Thursday that its client PT Aster Dharma Industri was declared
bankrupt by the Supreme Court.

"As of Aug. 26, the Supreme Court has not officially issued a
verdict declaring PT Aster Dharma bankrupt," the law firm said in
a statement responding to a report in The Jakarta Post on
Thursday.

Quoting a court source, the article said the Supreme Court
declared Aster bankrupt, overruling the decision on the listed
company made by the Jakarta Commercial Court.

The law firm said the bankruptcy decision against his client
would have to await the Supreme Court's official pronouncement.

The Singapore-based Overseas-Chinese Banking Corporation
Limited and Industrial & Commercial Bank Limited filed a
bankruptcy suit against the plastic packaging company in the
Jakarta Commercial Court in May.

The plaintiffs appealed to the Supreme Court after the
commercial court turned down its bankruptcy petition which
stemmed from failure to guaranty a debt of a subsidiary. (udi)