Oil firm in Timor Gap files bankruptcy petition
Monday, January 15 2001 - 04:30 AM WIB
PT Timor Nusa Adipertmata, a company involved in oil exploration and production in the Timor Gap has, filed a bankruptcy petition in the local commercial court due its failure to pay its debts US$10.1 million to local banks.
The company's M. Sholeh Amin said that the company, which partly owned oil and gas concessions in the Timor Gap, and was also involved in providing services to the oil contractors operating in the gap could no longer operate normally since the change in the administration of the former East Timor province, according to Bisnis-Indonesia.
The transfer of the political authority of the former East Timor province to the United Nations after the pro-Jakarta lost in a referendum in May, 1999, had damaged the company's business prospects.
The syndication of banks including Bank IFI, Bank Indovest, Bank Merincorp, Bank Ficorinvest, Bank Haga and Bank Central Indonesia totally stopped the loan disbursement following the transfer of the political power in the former Indonesian province.
"As the impact, the company was not be able to continue the projects which had been 60 percent completed," he added.
Sholeh hoped the court would approve the bankruptcy petition and liquidated the company. (*)