Merpati Airlines faces the threat of bankruptcy

PKPU - JAKARTA. Management of postponement of debt payment obligations (PKPU) PT Merpati Nusantara Airlines (Persero) scheduled to hold a vote to determine the fate of Merpati on October 30, 2018.

"The management who proposed the vote was held on 30 October 2018. But we have not coordinated with the debtor," PKPU administrator Merpati Alvin Suherman said when contacted by Kontan.co.id on Monday (10/22).

Voting-related to the fate of PKPU Merpati was due to take place on October 16, 2018. However, the management postponed this meeting because the Ministry of Finance and PT Pertamina (Persero) had not been able to get the disposition from their top brass: Minister of Finance Sri Mulyani and Pertamina's Board of Commissioners. Finally, the management again extended PKPU Merpati.

If all parties have carried out the voting process, but the Ministry of Finance and Pertamina have not determined their position, PKPU Merpati can end in bankruptcy.

"If the Ministry of Finance and Pertamina are present without voting, it is the same as rejecting a peace proposal. We consider abstention if they don't attend the meeting, " Alfin said.

For your information, the Ministry of Finance and Pertamina are the biggest bill holders in PKPU Merpati. The Ministry of Finance is a separatist creditor (with collateral) with a value of a debt bill worth Rp 2.6 trillion. On the other hand, Pertamina is a concurrent creditor (without collateral) with a debt bill worth Rp 2.8 trillion.

Merpati has a debt bill worth Rp 10.95 trillion. As for the details, the value of debt from preferred creditors (priority) worth Rp 1.09 trillion, separatist creditors (with guarantees) worth Rp 3.87 trillion, and concurrent creditors (without collateral) worth Rp 5.99 trillion.

Kontan confirmed this problem to the Ministry of Finance and Pertamina. Both have not given straightforward answers.

"Just wait for the results, because we cannot overtake the results of the trial," said Head of the Legal Aid Bureau of the Ministry of Finance, Tio Serepina Siahaan.

"I have not updated," replied a short message from Pertamina's Corporate Communication Vice President Adiatma Sardjito. (Translator: Barratut Taqiyyah Rafie)