Court delays Panca verdict

Court delays Panca verdict

JAKARTA (JP): The Central Jakarta Commercial Court delayed on
Tuesday its verdict on a bankruptcy petition filed by the
International Finance Corporation (IFC) against PT Panca Overseas
Finance.

Chief justice Syamsudin Manan Sinaga said the court would
delay its verdict to ratify or reject the outcome of last week's
bankruptcy voting to Tuesday next week.

"By law we have up to two weeks before the panel of judges
must decide whether or not to accept the voting results," the
chief justice said during the hearing.

The majority of Panca's creditors, representing some $235
million in debts, voted last week to accept the company's debt
restructuring proposal.

However, IFC and several other creditors demanded the court
reject the voting, as they suspected that fictitious creditors
had influenced the voting's outcome in favor of Panca.(bkm)