BFC survives bankruptcy

BFC survives bankruptcy

JAKARTA (JP): The Jakarta Commercial Court rejected on
Thursday the bankruptcy claim jointly filed by five Hong Kong-
based creditors against listed finance company PT Bakrie Finance
Corporation (BFC) on the lack of evidence.

The plaintiff's lawyer Joni Aries Bangun of Hanafiah Ponggawa
Adnan Bangun Kelana law firm said that the presiding judge did
not see that there was a matured debt that Bakrie Finance was
liable to.

Five Hong Kong-based banks jointly filed a bankruptcy suit in
August against BFC, claiming that the company had failed to pay a
total of US$21 million in bank loans.

The five banks include AB Capital Markets Ltd., Cho Hung
Leasing & Finance Ltd., Hana Bank, Hanmi Leasing & Finance Ltd.
and KEB Leasing and Finance Ltd. (udi)