PT Namasindo Plas entered their period of Suspension of Debts Payment after the Panel of Judges granted the lawsuit filed by one of its creditor. The Panel of Judges also declined the intervention from PT Bank Negara Indonesia (Persero) Tbk (BBNI). Separately, the insolvency process of PT Hanjung Indonesia continues.
Read MoreSuspension of Debts Payment (PKPU) is still an option for businesses to resolve debt disputes as well as an opportunity to restructure their financial capabilities, but not all parties can resolve their PKPU status peacefully. On January 17, 2018, the majority of creditors from two affiliated consumer goods distributing companies, i.e., PT Distribusi Indonesia Jaya and PT Sinar Lestari Ultrindo refused to accept the peace proposal that the companies submitted. On January 22, 2018, the Panel of Judges decided to promulgate the results of the vote and declared both companies bankrupt. Separately, plastic bottle maker PT Namasindo Plas has to face intervention from PT Bank Negara Indonesia (Persero) Tbk (BBNI) in the ongoing PKPU process. BBNI is the largest creditor and wants to ensure that the PKPU process takes place in accordance with the applicable legal provisions. So the state-owned bank proposes additional members for the PKPU administrators team to the Panel of Judges.
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