Creditors to auction Fiskaragung assets
JAKARTA (JP): Creditors of bankrupt PT Fiskaragung Perkasa will sell fixed assets of the publicly listed salt producer through an asset auction or a direct offer to an interested investor, an official said.
Tuti Simorangkir from Makarim & Taira S. law firm, who is acting as the court-appointed receiver for Fiskaragung, said creditors were not interested in taking over the bankrupt company but expressed interest in selling it to a third party.
"The creditors don't mind if it has to go through an assets auction or a direct sale to an interested investor, as long as they can get their money back soon."
But she said sale of the assets at auction would end the company's chances of continuing its operations.
"If it happens, Fiskaragung will be immediately liquidated."
Fiskaragung's concern is for its operations to continue, Tuti added.
Its total debts are US$40.5 million and Rp 18 billion based on the latest data, Tuti said.
"The creditors are expecting Fiskaragung could be purchased by investors at the price of its total debts."
One of the creditors' lawyers, Rafael Adrian from Taira Faisal & Panggabean law firm, said the total value of Fiskaragung's assets would not cover its total debts of over $40 million.
"The value of the three lines of equipment Fiskaragung possesses at its factory are not worth anywhere close to the amount of debts the company accrued to buy such equipment."
He alleged there were indications that part of the loans for equipment was diverted.
"There was a missing link between the total loan received and the value of the assets Fiskaragung currently possess," he said.
Fiskaragung was declared bankrupt in late November by the Jakarta Commercial Court after it failed to reach a debt restructuring agreement with its creditors during a debt payment suspension (PKPU) period granted by the court.
PKPU is the standstill period during which an indebted company must come up with a debt-restructuring proposal. It must be approved by a majority vote of creditors.
PKPU allows the company a maximum 270-day period to negotiate the debt-restructuring agreement with its creditors; failure to reach an agreement within the period will lead to a declaration of bankruptcy by the court.
Fiskaragung's majority creditors were not satisfied with the debt-restructuring plan and voted to reject it within the first four months of the PKPU period.
Ten foreign creditors jointly filed a bankruptcy suit against Fiskaragung in the Jakarta Commercial Court in May for failure to repay $29 million in matured debts.
The foreign creditors are from Hong Kong, South Korea, Malaysia and Singapore.
The Hong Kong 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 from South Korea, AMMB International from Malaysia and KDLC Leasing from Singapore. (udi)