Petroselat Ltd, the subsidiary of PT Sugih Energy Tbk (SUGI) began to face lawsuits on bankruptcy and Suspension of Debts Payment (PKPU) filed by its business partners in April 2016. The Company, however, always managed to escape bankruptcy. But the Company was finally declared bankrupt after the Panel of Judges granted the third lawsuit filed against the Company on July 5, 2017. The meeting of creditors was held on July 18, 2017. To this day, however, SUGI has not submitted any statement regarding this court decision to the Indonesia Stock Exchange.To subscribe please click here
