Bankruptcy petition against Hutama Karya rejected

JAKARTA (JP): The Jakarta Commercial Court turned down a bankruptcy petition on Wednesday against state-owned builder PT Hutama Karya brought by private construction firms PT Jaya Readymix and PT Primacout Lestari.

Presiding judge Parwoto Wignjo Sumarto declared that Hutama Karya did not have any direct debt obligation to the two private construction firms.

The judge said that it was a joint-operation company set up by PT Hutama Karya and PT Bina Main to develop several property projects which owed a Rp 2.36 billion (US$314,600) debt to Jaya Readymix and Primacout Lestari.

"Because of that, the court rejected the petition," he said at the hearing on Wednesday.

Early this month, Jaya Readymix and Primacout Lestari filed a joint bankruptcy claim against the state-owned firm, seeking a payment of Rp 2.36 billion (US$315,626) in construction fees.

Hutama Karya owed Rp 1 billion in construction fees to Jaya Readymix and Primacout for the development of Rajawali Condominium, Rp 47.65 million for the development of Griyamas Kemayoran, Rp 8.77 million for Sewa Manis apartment and Rp 1.07 billion for Pluit Laguna apartments.

The two construction firms were involved in building several projects owned by Hutama Karya between 1996 and 1997.

The plaintiff's lawyer, Herry Wibowo, of Teras Narang law firm, said he was considering an appeal to the Supreme Court.

In another development, the Jakarta Commercial Court approved a temporary suspension of payment proposed by multifinance firm PT Perdana Multi Finance to renegotiate its debt with Bank Nusa Nasional (BNN).

BNN, a financial arm of the widely diversified Bakrie Group, filed an insolvency petition against Perdana Multi Finance early this month after the latter failed to pay its debts totaling Rp 8.26 billion.

Perdana Multi Finance also owes Rp 5 billion to Bank Universal, Rp 5 billion to Bank Dharmala, Rp 2.3 billion to Bank BPD Indonesia and Rp 4 billion to Bank Sahid Gajah Perkasa.

It also owes Rp 4 billion to Bank Multicor, Rp 30 billion to the state's Bank Ekspor Impor Indonesia, Rp 17 billion to Bank Unibank, Rp 5 billion to Bank Pos Nusantara, Rp 5 billion to Bank PDFCI and Rp 15.43 billion to the state's Bank Tabungan Negara.

Perdana Multi Finance has been given 45 days to renegotiate its debts with its creditors. If the company fails to do so, it will likely be declared bankrupt. (aly)