Nikko cancels bankruptcy claim against Bayu Buana

JAKARTA (JP): PT Nikko Securities Indonesia has canceled its bankruptcy claim against publicly listed PT Bayu Buana after the two companies reached an out-of-court agreement to settle their debt dispute.

"We have approved Bayu Buana's debt settlement proposal submitted to Nikko," the head of Nikko's legal division, Amaliha Lase, said.

Lase said Nikko met with Bayu Buana for final negotiations one day before the judge hearing the case was to issue a ruling.

Nikko was pleased with Bayu Buana's proposal and decided to cancel its bankruptcy petition against the company, Lase said, declining to disclose the details of the proposal.

Nikko in March filed a bankruptcy claim against travel company PT Bayu Buana for failing to pay Rp 7.5 billion (about US$937,500) in promissory notes which matured two years ago.

Separately, in Nikko's bankruptcy claim against listed food franchisee PT Putra Sejahtera Pioneerindo, the Central Jakarta District Commercial Court rejected the company's claim on the grounds that the debt had not yet matured.

Putra Sejahtera is a subsidiary of Bayu Buana.

Lase said Nikko would appeal the ruling to the Supreme Court because he believed the defendant presented invalid evidence in showing the court that its debt had not yet matured. (02)