Bakrie fights bankruptcy suit

JAKARTA (JP): Listed PT Bakrie Finance Corporation is going to ask the Supreme Court to annul its bankruptcy status, by filing a Civil Review, a lawyer said.

"We will lodge the Civil Review suit on Friday or next Monday with the Supreme Court," Jonson Hutajulu, a lawyer representing Bakrie Finance, told The Jakarta Post on Thursday.

A Supreme Court Civil Review is the final level of the Indonesian bankruptcy court after the appeal level, also at the Supreme Court.

The Supreme Court, previously at the appeal level, declared Bakrie Finance bankrupt in mid-May, overruling a previous verdict by the Jakarta Commercial Court which initially saved the company from bankruptcy.

The bankruptcy suit was filed by four Hong Kong-based creditors in mid February at the Jakarta Commercial Court for Bakrie Finance's alleged failure to repay US$13.5 million in matured debts.(udi)