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)