Over six years have passed since the last time we reported on the debts dispute of PT Kartika Selabumi Mining (also known as KSM Coal)—a coal producer based in East Kalimantan. The Company was able to resolve its dispute with its creditors with a peace agreement. The Company was also to dodge bankruptcy after the court rejected the objection petition against the peace agreement. Yet here we are, six years later, learning that the same court had granted the petition on the cancellation of peace agreement submitted by one of the Company’s creditors. Per August 14, 2019, the Company is officially bankrupt, and the team of curators announced the bankruptcy process on August 26, 2019.
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