PDFCI filed bankruptcy case against firm

PDFCI filed bankruptcy case against firm

JAKARTA (JP): Publicly listed Bank PDFCI filed a bankruptcy
petition against PT Sarana Kemas Utama at the commercial court on
Thursday.

According to court data, PDFCI filed the bankruptcy request on
Sept. 30 after the company failed to repay a Rp 21.78 billion
(US$2.4 million) loan it secured from the bank in 1993.

"Since the company failed to repay the loan, Bank PDFCI has to
bring the case to the commercial court," the data said.

The insolvency case pitting PDFCI against Sarana is the tenth
such case submitted to the Jakarta Commercial Court since the
country's new bankruptcy law came into effect on Aug. 20.

The plaintiff's lawyer, Teguh Samudera of Teguh Samudera Law
firm said on Thursday the first hearing would be next Wednesday.

Later in the day judge Ch. Kristi Purnami Wulan adjourned the
case pitting construction firm PT Lukindo Technics against
property developer PT Indra Maju Lestari to Oct. 12 after the
latter said it planned to submit a suspension of payment proposal
to the court.

Lukindo Technics filed a bankruptcy suit on Sept. 28 at the
commercial court after Indra Maju Lestari failed to pay
construction fees worth Rp 8.12 billion and US$444,410, which
were due to be settled on Aug. 25, last year.

Lukindo Technics is a construction firm which was involved in
building an apartment block on Jl. Kartini, Central Jakarta,
owned by property developer Indra Maju Lestari.

The plaintiff's lawyer, Gunawan of Gunawan law firm, said on
Thursday that despite his client completing all the work in 1995,
Indra did not pay the construction fee.

The country's new bankruptcy law allows troubled firms to file
for suspension of payments. Under the procedure, the court can
issue a temporary payment suspension order lasting 270 days
during which the debtors and creditors should work out a
reorganization plan.

Failure to do so will result in the initiation of bankruptcy
proceedings. (aly)