Tag: Binamitra Sumberarta

Insolvency of Binamitra Sumberarta

PT Binamitra Sumberarta, a subsidiary of PT Delta Ultima Coal (Delta Coal) faced their period of Suspension of Debts Payment (PKPU) since August 2016 due to lawsuit filed by two of its business partners, namely PT RPP Contractors Indonesia (RCI) and PT Uletbulu Mining. But after three months of negotiation, the creditors cannot find agreement with the Company on the best way to resolve the disputes. Therefore, the Company is finally declared bankrupt by the Panel of Judges since November 21, 2016.

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Coal Journal

Thermal coal has retreated from its recent peak, but shares of coal producers recovered Tuesday. Deeper corrections might be prevented by difficulties in China to resume production, shown by 12% fall in output last month, and higher demand ahead of winter season. China’s domestic coal production fell 10.7% to 2.74 billion tonnes in the first 10 months of 2016 despite improvements at China Shenhua in recent months.

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