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The plaintiff's lawyer, Rafael Adrian of Tiara Faisal & Panggabean law firm, said November's debt restructuring was no longer valid after Fiskaragung canceled the deal two months later in January.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