Court approves PSP appeal

Fri, 24 Nov 2000, 00:00 WIB | Source: AFP

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.

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