Great River faces bankruptcy petition

Great River faces bankruptcy petition

JAKARTA: Citibank N.A. filed a bankruptcy petition Tuesday against PT Great River International, one of Indonesia's largest garment makers and retailers, over a US$2 million debt, a spokesman for the bank said.

The petition, filed in Central Jakarta's commercial court, seeks to recover a $2 million working-capital loan issued by the bank in 1994, the spokesman said.

While the amount of the debt is small, the move by Citibank, one of the most prominent foreign banks in Indonesia, represents a blow to Great River's efforts to restructure some $172 million in debt left over from the 1997-98 financial crisis. --Dow Jones