Petroselat Ltd, the subsidiary of PT Sugih Energy Tbk (SUGI), was declared bankrupt on July 5, 2017. Since then, Petroselat (the Company) has been trying to make amends with its creditors in order to avoid insolvency. In the meeting of creditors held on September 6, 2017, SUGI’s representatives revealed the name of the potential investor that may help the Company resolve its problems. At the same time, several creditors filed a police report against the Company’s director on allegation of fraud. Last week, the creditors conveyed their interest in taking over the Company and subsequently rejected the peace proposal filed by the Company.To subscribe please click here