Copyright 2000 AFX News Limited
AFX - Asia
May
31, 2000 Wednesday
SECTION:
COMPANY NEWS
LENGTH:
192 words
HEADLINE:
Dharmala Sakti Sejahtera declared bankrupt
DATELINE:
JAKARTA
BODY:
PT Dharmala Sakti Sejahtera has been declared bankrupt by its creditors following their disapproval of its debt restructuring proposal at a creditors meeting, supervisory judge for the case Syamsudin Manan Sinaga said.
Sinaga said of the company's 28 creditors, 74.97 pct representing debt totaling 1.56 trln rupiah, disagreed with the proposal.
He said only 1 creditor, owed 331.9 bln rupiah or 15.92 pct of the total, agreed.
Three creditors abstained, with total debts owed to them worth 189.7 bln rupiah, or 9.1 pct, he said.
He said the company's total debts were 2.84 trln rupiah, and as of the end of 1999, its capital was a minus 500 bln.
"With the voting results, Dharmala Sakti's restructuring proposal is rejected," Sinaga said. "The bankruptcy declaration will be formally announced next Monday by the commercial court."
He said part of the debts will be repaid through the sale of the company's 40 pct stake in Manulife Indonesia, worth 160 bln rupiah. The shares will be purchased by Manulife, Sinaga said.