Court approves PSP appeal

Court approves PSP appeal

JAKARTA (AFX-ASIA): The commercial court has approved Putra Surya Perkasa's appeal for a 40-day debt payment suspension, presiding judge chief Putu Supapmi said.

Supapmi said the suspension was aimed at allowing the company to present a debt restructuring proposal to its creditors, including Asuransi Jiwa Sentra.

PT Asuransi Jiwa Sentra Asia Raya had earlier filed a bankruptcy suit with the Jakarta Commercial Court against Putra Surya Perkasa.

Supapmi said the company has outstanding debt of Rp 920.2 billion and US$1.4 million, including debts owed to the Indonesian Bank Restructuring Agency.