It has been quite a while since the last time we reported on PT Visi Asia Media Tbk (VIVA), the parent of TVOne and part of Bakrie Group. Back then, we already knew that the company suffered too many losses already and since then nothing special happened, until the beginning of this year. One of VIVA creditors filed a lawsuit for Suspension of Debts Payment (PKPU) to the Commercial Court at the Central Jakarta District Court and requested that VIVA and several of its subsidiaries restructure their debts. This application was accepted and now the company is in the PKPU period, far from the media coverage. The process by far recorded verified debt amounted to over Rp8 trillion and the group now has until November 2024 to convince its creditors. In the midst of this process, VIVA filed another lawsuit against 14 parties, most of them are investment managers, and the court proceedings are ongoing.To subscribe please click here
