Court declares Niko Resources bankrupt

The Central Jakarta Commercial Court has declared Canadian firm Niko Resources bankrupt following the refusal of its creditors to grant extension of postponement of debt payment (PKPU).

The ruling was made by the court?s panel of judges presided by Sumpeno over the weekend, Kontan.co.id reported on Monday.

Sumpeno said of the 13 creditors present at the creditors? meeting, ten of them refused to grant extension of postponement of debt payment. Following the court?s ruling, a trustee will be formed to gather all Niko? assets.

Muhammad Mukhlas, a trustee member, said it is not easy to gather all Niko?s assets because the firm was always absent from the debt-restructuring process. Thus, he said, the trustee has no idea about the whereabouts of the firm?s assets, while the firm is based in the Republic of Cyprus. Still, we?ll try to find the assets through communications with the Ministry of Energy and Mineral Resources and SKK Migas.

The creditors agreed to postpone the payment of Niko?s debts on Jan. 18, 2016. The postponement of debt payment has been extended twice, for 60 days each time

Niko owed a total of $65.65 million to the creditors, including $16.16 million to Schlumberger Group, $13.15 million to PT Aquaria Shipping and $9.53 million to PT Transamudera Usaha, $8.14 million to PT Asih Eka Abadi, and $7.49 million to PT Wintermar.

Niko has sold all its assets in Indonesia and closed down its office in Indonesia last year. (*)