JAKARTA. PT Golden Plantation Tbk (GOLL) requested an extension of its Suspension of Debt Payment Obligation (PKPU) status to the commercial court, because it was unable to pay its maturing debt, which reached Rp 9.47 billion.
Budhi Istanto Suwito, Director of GOLL, said the debt came from two of its subsidiaries, PT Bumiraya Investindo (BRI) and PT Airlangga Sawit Jaya (ASJ). Total debts that could not be paid by the two subsidiaries reached Rp 9.32 billion.
In addition, GOLL also has a debt to the Indonesia Stock Exchange (IDX) of Rp 150 million, since it was late to submit its 2018 consolidated financial statements.
Even though BRI and ASJ are still in operation, Suwito admitted that the two subsidiaries can no longer support GOLL’s financial performance. It also cannot expect much from ASJ, which previously contributed a large portion of GOLL’s revenue. “It’s still in operation but is limited,” Suwito explained.
Source: IDN Financials | 6 August 2019