United Coal declared bankrupt
Thursday, November 26 2015 - 04:19 AM WIB
The Central Jakarta Commercial Court approved on Wednesday a request to declare coal mining firm PT United Coal Indonesia (UCI) bankrupt as the company has failed to repay debts, Kontan reported on Thursday.
The court also approved a request from two creditors PT GMT Indonesia and PT Palaran Indah Lestari to cancel an earlier debt settlement agreement.
UCI has failed to repay the debts after efforts to get help from investors failed. The company owes a total of Rp 70.39 billion to 63 creditors, and another Rp 880 billion debt owed to Bank Mandiri.(*)