Court declares Petroselat bankrupt
Tuesday, December 5 2017 - 09:29 AM WIB
IDX-listed PT Sugih Energy Tbk, which indirectly owns 55 percent of Petroselat, said in a statement on Tuesday that the decision was made by the court during a November 30 meeting with Petroselat and its creditors.
According to the statement, Sugih through PT Petronusa Bumibakti owns 51 percent of Petroselat, while PetroChina International Selat Panjang Ltd owns a 45 percent interest. The remaining 4 percent is held by International Mineral Resource Inc, which is also owned by Sugih Energy.
?Following the (insolvent) decision, the participating interest holders are currently making coordination with SKK Migas (the upstream oil and gas regulator) to ensure that operational activities in Selat Panjang working area can continue and provide contribution to the Indonesian government,? Sugih said in the statement, but did not provide further details.
In a March meeting with creditors and Petroselat vendors, Sugih top officials confirmed that Petroselat suffered financial difficulties causing it to be unable to make the payment to the vendors. Sugih said it would try to resolve the problem to allow payment to the vendors through debt restructuring.
Also in Mach, Logistic firms PT Richland Logistics and PT Sentosasegara Mulia Shipping filed bankruptcy lawsuit against Petroselat with the Central Jakarta Commercial Court for failing to pay maturing debts, respectively worth US$402,027 and $448,442.
In August, ten vendors of Petroselat reportedly have filed a report with the National Police?s Criminal Investigation Department, accusing the company of corporate crime as it has failed to pay maturing claims.
Editing by Reiner Simanjuntak