Court rejects Stanchart?s appeal over AKT?s debt settlement deal
Tuesday, October 4 2016 - 01:16 AM WIB
The Indonesian Supreme Court has rejected an appeal made by Standard Chartered Bank (Stanchart) over a debt restructuring deal made by hard coking coal producer PT Asmin Koalindo Tuhup (AKT) with its creditors in March of this year.
This was said by AKT?s parent firm IDX-listed mining firm PT Borneo Lumbung Energi & Metal Tbk, citing an announcement at the Supreme Court?s website.
Borneo, however, said it has yet to officially receive the Supreme Court?s decision, which would pave the way for AKT to implement the debt restructuring agreement approved by the Central Jakarta Commercial Court in April.
Borneo added that Noble International Resources Pte Ltd, which made similar appeal with the Supreme Court in June, had in September withdrawn the appeal.
Stanchart also challenged the AKT debt settlement agreement because the latter company (99.99% shares) has been put up as collateral by its parent, Borneo, when getting a $1 billion loan from the bank. Stanchart made the appeal because of its claim worth $628.01 million has been rejected by the restructuring committee.
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