Textile Company Vastex Declared Bankrupt

Law

Tuesday, 24 January 2012 09:42

Written by Indra Budiari

JAKARTA, Indonesia Today - Central Jakarta Commercial Court declared PT Vastex Prima Industries Tbk, textile company, bankrupt after the company failed to settle Rp54.2 billion debts to PT Tifico Fiber Indonesia Tbk (TFCO).

The judges said that the bankruptcy decision was declared after Tifico submitted several maturity invoices as evidences. PT Vastex admitted all of then. The judges on the decision declared that PT Vastex is obliged to pay its maturity debt to Tifico Fiber amounting Rp56.3 billion.

Panel of the judges, chaired by Marsudin Nainggolan, has also appointed Turman Panggabean as the curator to settle PT Vastex Prima’s debt as the bankrupt respondent. The curator is currently verifying the debts claimed by creditor.

Turman said that the debt calculation is not final, and there will probably other debts claimed by creditors following newspaper announcement.

“Curator will announce in the newspaper about PT Vastex bankruptcy status, and whether there will others creditors, we are conducting verification,” said Turman as quoted by Bisnis Indonesia.

PT Tifico Fiber requested for bankruptcy stipulation because PT Vastex has unpaid due debts since 2004 until 2010. Until the bankruptcy stipulation request submitted, PT Vastex has made Rp2.07 billion installment, leaving the balance of Rp54.2 billion in debts. (indra@theindonesiatoday.com)

» IDX Jumps 2.06% at Opening

Theindonesiatoday.com - Composite index of the Indonesia Stock Exchange (IDX) opened up 2.06% at 3,791.57 this morning following gains in regional and global markets. Crude oil rose 0.25% to US$100.61 per barrel in Asian trading this morning.

Latest News

» IDX Jumps 2.06% at Opening

» Wilmar to Invest Rp2.7 Trillion until 2013

» Japfa Comfeed Gains on Dividend Payment

» Pan Orient Raises Budget for Indonesia to $37 Million

» Sugih Energy Downsizes Rights Issue

» Oil Price Up, Energy Stocks Mostly Down

» Gold Tumbles 5.12%

» Erafone IPO in November, Offers 40% Shares

» Iwan Joesoef Acquires Karimun Granite for S$28 Million

» Chairul Tanjung Wants 100% Carrefour Indonesia

» PPA for Muara Laboh & Rajabasa Geothermal Signed

» IDX Ends Down 0.32%, European Market Mixed

» Tiger Airways Australia Remain Suspended until August 11

» On-Time Rate 66%, Lion Air Aircrafts Grounded

» Nokia to Reduce Operating Expenses for Devices & Services

Latest News

Most Read

Most Read

Industries

Politics

Law

People