Nikko cancels bankruptcy claim against Bayu Buana

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)