Over two years since 2016, PT Eterindo Wahanatama Tbk (ETWA), a chemical products trader, has been sued four times by its creditors and all lawsuits are related to debts issues. Fortunately the company was able to resolve its issues out of court. The last lawsuit filed in the middle beginning of 2018 was also withdrawn by the plaintiff. The situation has toned down slightly for the company, the pandemic can be overcome without many obstacles, or so we thought. Towards the end of 2023, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) filed a new PKPU lawsuit against the company, but this time there are other defendants, i.e., three subsidiaries. The process runs very quickly and is relatively far from media coverage. In just four months after the lawsuit was registered, Eterindo was declared bankrupt.To subscribe please click here
