Petroselat Ltd, the subsidiary of PT Sugih Energy Tbk (SUGI) was declared bankrupt on July 5, 2017. Petroselat at first tried to negotiate with the creditors to find new investors, but the effort failed and the process of insolvency begins this month. Like Petroselat, PT Dwi Aneka Jaya Kemasindo (DAJK) was also deemed bankrupt. DAJK is still trying to challenge the decision, but the team of curators had already gathered information on the Company’s assets. The team of curators stated that the lawsuit will not hinder the bankruptcy process.To subscribe please click here