Tue Jun 18, 2024 01:02 AM ET: The court-appointed administrators of Indonesian textile company PT Pan Brothers Tbk and its two subsidiaries, PT Eco Smart Garment Indonesia and PT Prima Sejati Sejahtera, have scheduled a first creditors meeting on June 28, and set the deadline for creditors to submit their claims by July 3, two sources familiar with the matter said.
A meeting to verify the creditors’ claims will be held on July 11 and creditors will vote on a restructuring proposal on July 18, the sources said. If the creditors approve the proposal, the Central Jakarta Commercial Court will then hold a hearing to sanction the restructuring plan on July 25, according to the sources.
As
reported, the Central Jakarta Commercial Court had on June 11 put Pan Brothers and the two subsidiaries into a temporary suspension of debt payment obligation for 45 days following an in-court debt restructuring, or PKPU, petition, filed by PT Januardi Putera Logistik.
The court also appointed Harvardy Muhammad Iqbal from Harvardy Law Office, Martin Patrick Nagel from FKNK Law Firm and Bosni Gondo Wibowo from Altruist Lawyers as administrators of the companies.
The petitioner, Januardi Putera Logistik, is suspected to be a so-called ‘friendly creditor’ in order to tip Pan Brothers into restructuring after the debtor failed to obtain consent from Maybank Indonesia, one of its syndicated loan lenders, for a
proposed five-year extension of a $123.45 million syndication loan due December 2023, as
reported.
Original Story 1:45 a.m. UTC on June 11, 2024
BREAKING: Central Jakarta Court Puts Pan Brothers, Subsidiaries Into PKPU for 45 Days
The Central Jakarta Commercial Court in a hearing today, June 11, which Reorg attended, put Indonesian textile company PT Pan Brothers, and two of its subsidiaries, PT Eco Smart Garment Indonesia and PT Prima Sejati Sejahtera, into an in-court debt restructuring, or PKPU, for 45 days.
The PKPU petition was filed by PT Januardi Putera Logistik and the case number is 149/Pdt.Sus-PKPU/2024/PN Niaga Jkt.Pst.
In a separate hearing also attended by Reorg, the Central Jakarta Commercial Court also put PT Pancaprima Ekabrothers, another subsidiary of Pan Brothers, into PKPU for 45 days in a petition also filed by PT Januardi Putera Logistik. The case number is 150/Pdt.Sus-PKPU/2024/PN Niaga Jkt.Pst.