South Kalimantan coal terminal firm declared bankrupt

PT Anugerah Tapin Persada, which owns a coal terminal project in Tapin regency, South Kalimantan, has been declared bankrupt by the Supreme Court due to inability to meet its financial obligation.

In a ruling taken on Feb. 17, 2010, the Supreme Court confirmed the previous 2009 decision by the Central Jakarta Commercial Court and, thus, put the firm under receivership, according to a statement published by the receiver on Bisnis Indoneia daily on Friday.

The receiver has been authorized to liquidate the company and sell its assets which include a 28.6 km-long haul road and 50-ha coal port area in the regency.

The firm has, however, refused to cooperate in the liquidating process as it continues withholding documents of ownership over the lands, forcing the receiver file a petition with the Central Jakarta Commercial Court to seal the firm's assets.

The court decided on Aug. 5, 2010 to meet the request, allowing the receiver to seal all the firm's assets. (*)