Creditors bankruptcy claim rejected by PT Fiskaragung

Creditors bankruptcy claim rejected by PT Fiskaragung

JAKARTA (JP): Publicly listed salt producer PT Fiskaragung
Perkasa rejected on Thursday a bankruptcy claim jointly filed by
its 10 foreign creditors.

Fiskaragung's lawyer Harry Ponto of Lontoh & Kailimang said
his client's debts had not matured following the signing of a
debt restructuring agreement with the 10 foreign creditors in
November of last year.

"My client has no matured debt, because the debt has been
restructured," Harry told the court.

There has to be two creditors and at least one matured debt,
for a business entity or an individual to be declared bankrupt by
the Commercial Court, according to the 1999 Bankruptcy Law.

The plaintiff's lawyer, Rafael Adrian of Tiara Faisal &
Panggabean law firm, said November's debt restructuring was no
longer valid after Fiskaragung canceled the deal two months later
in January.

"They canceled the deal because they wanted a revised version
of November's debt restructuring, but this unilaterally-revised
version was only approved by 36 percent of the syndicated
creditors," he said.

The debt restructuring was for the US$29 million debt which
matured on May 15, 1998.

Fiskaragung then sent a formal letter to all the creditors in
March saying they rejected to implement any terms and conditions
of any debt restructuring unless they received a majority
approval from the creditors, Adrian said.

"We will present in the next court hearing the additional
proof which clarifies that there is no debt restructuring between
us," he added.

The judge scheduled the next hearing for July 7.

This case was jointly filed on May 14 by the 10 foreign
creditors. From Hong Kong the creditors are Hanil Leasing &
Finance (HK) Ltd., Hanmi Leasing and Finance (HK) Ltd., KEB
Leasing and Finance Ltd., CBK Leasing and Finance (HK) Ltd., ORIX
Asia Limited and Hong Kong First Citicorp Leasing (HK) Ltd.

Kyongnam Bank of Korea and Kookmin Bank are both from South
Korea. AMMB International is from Malaysia and KDLC Leasing is
from Singapore.

Separately, the Commercial Court on Tuesday turned down the
bankruptcy claim filed by a state-owned construction company, PT
Waskita Karya, against PT Mustika Princess Hotel.

The court's verdict ruled the case is in the State Court's
jurisdiction, not the Commercial Court's.(udi)