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PBRX announces the approval of its debt restructuring scheme

15 November 2021 11:59

JAKARTA – PT Pan Brothers Tbk (PBRX), a garment company, claimed that its debt restructuring proposal of maturity date extension up to three years had gained creditors’ approval. This green light was received following the Central Jakarta Commercial Court’s dismissal of the voluntary winding-up requested by PT Bank Maybank Indonesia Tbk (BNII).

Fitri Ratnasari Hartono, Director of Pan Brothers, announced that the company group, financial advisors, and legal consultants had finished designing the restructuring scheme. They already sent out the term sheets to the banks, both syndicated and bilateral banks. “In general, the banks in question had agreed to the term sheets as proposed,” she confirmed in the press release on Monday (15/11).

According to Hartono, the term sheets submitted to the creditors discussed the extension of maturity date of the credit facility, which spans two years for bilateral creditors and three years for syndicated banks.

Last week (11/11), Central Jakarta Commercial Court denied the voluntary winding-up request filed by BNII. The considerations included the dispute between PBRX and BNII, which is still in the settlement process in Singapore. This clash between the debtor and creditor would be escalated should this bankruptcy request make the official case. Furthermore, proving the bankruptcy could not be as simple as the Bankruptcy Laws call for. (LK/ZH)

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