SEMARANG – The Semarang Commercial Court has granted a suspension of payment request filed by PT Shine Golden Bridge against PT Duniatex Group.
According to Duniatex’s legal counsel Aji Wijaya, the Semarang Commercial Court ruled on the suspension of payment request filed against Duniatex’s subsidiaries on Monday (30/9). He also added that Duniatex is prepared to undergo debt restructuring through court.
“[The suspension of payment request] was ruled on on September 30, 2019 against six of Duniatex’s subsidiaries and one voluntary entity,” Mr Wijaya told Bisnis Indonesia, Thursday (3/10).
Mr Wijaya added that since the beginning Duniatex has prepared to face any ruling, including the possibility of debt restructuring through court. The suspension of payment request was filed against six of Duniatex’s subsidiaries, namely PT Delta Merlin Dunia Textile, PT Delta Dunia Tekstil, PT Delta Merlin Sandang Tekstil, PT Delta Dunia Sandang Tekstil, PT Dunia Setia Sandang Asli Tekstil, and PT Perusahaan Dagang dan Perindustrian Damai.
Duniatex’s debt restructuring will involve a number of banks related to the disbursement of syndicate and bilateral loans. The caretakers of Duniatex’s suspension of payment and the company’s creditors are scheduled to meet in the first creditors’ meeting on October 9.
Source: IDN Financials | 3 October 2019