Internux escaped bankruptcy

PKPU - JAKARTA. The process of Delaying Debt Payment Obligations (PKPU) PT Internux, Bolt producer! 4G LTE ends peacefully. The Panel of Judges at the Central Jakarta Commercial Court officially ratified the Internux peace plan on Wednesday (11/14).

Chief Judge Abdul Kohar said the supervisory panel and judges had found no reason to reject the Internux peace plan. In addition, the majority of PKPU's creditors also expressed their vote of approval during a vote on the peace plan.

"In the report of the supervisory judge, we found no reason to reject homologation as stipulated in article 285 paragraph (2) of Law 37/2004 concerning Bankruptcy and PKPU. So we must ratify the peace plan," explained Judge Abdul when reading the verdict.

Internux, a subsidiary of PT First Media Tbk (KBLV), must restructure its debts through the PKPU process since September 17, 2018. Internux's total debt reaches around Rp 4.69 trillion from two separatist creditors (with collateral) of Rp 226 billion, and 281 concurrent (unsecured) creditors around Rp 4.47 trillion.

Internux must undergo the PKPU process from the request of PT Equasel Selaras and PT Intiusaha Solusindo. Equasel filed a debt bill of Rp 3.21 billion, while Intiusaha amounted to Rp 932 million. (Translator: Barratut Taqiyyah Rafie)