Court approves AKT?s petition for temporary debt payment suspension

By Romel S. Gurky

IDX-listed hard coking coal producer PT Borneo Lumbung Energi & Metal Tbk said Monday that the Central Jakarta Commercial Court had approved a petition made by its wholly-owned subsidiary PT Asmin Koalindo Tuhup (AKT) for voluntary Suspension of Obligation for Payment of Debts (also known as PKPU) in order to restructure debts to all creditors.

The court?s approval was given on January 20, the company said in a statement.

It added that on February 9, 2016, the court-appointed administrator conducted the first meeting of creditors, which was attended by creditors of AKT.

?The PKPU AKT process is expected to be completed during 45 (forty five) days from the granting of the petition for voluntary PKPU at the Central Jakarta Commercial Court,? the statement said.

The company said it will continue operational activities at AKT as usual.

AKT operates coal concession in Muara Raya Regency, Central Kalimantan. This portal reported last year, that AKT has been targeted to produce 1.8 million tons of coking coal this year, up from 800,000 tons last year.

Editing by Reiner Simanjuntak