PT Sumatera Persada Energi (SPE), the subsidiary of PT Asiabumi Petroleo is finally bankrupt after the Panel of Judges of the Commercial Court of the Central Jakarta District Court decided to accept the lawsuit to cancel the 2014 peace agreement filed by PT Bank CIMB Niaga Tbk (BNGA). SPE, however, is actually in the middle of their second PKPU process. So what does this actually mean for the Company?
Read MorePT Sumatera Persada Energi (SPE), the subsidiary of PT Asiabumi Petroleo, enters into a period of PKPU once month beginning October. The Company voluntarily applied for the PKPU, and the application was granted by the Panel of Judges of the Commercial Court of the Central Jakarta District Court. Previously, SPE entered a period of PKPU in 2014, and that process ended peacefully. That said, PT Bank CIMB Niaga Tbk (BNGA), the separatist creditor, filed a lawsuit to cancel the 2014 peace agreement.
Read MoreA new lawsuit for Suspension of Debts Payments (PKPU) was filed against PT Sumatera Persada Energi (SPE), the subsidiary of PT Asiabumi Petroleo. The lawsuit is the second lawsuit for SPE in the past two years. In the first PKPU lawsuit in 2014, the oil and gas company managed to escape bankruptcy after its creditors agreed on the peace proposal offered. For this latest lawsuit, the process has begun. If the creditors can prove to the court that SPE indeed owe debts, SPE must once again undergo the process of debt restructuring.
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