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PT Maybank Indonesia Tbk filed a lawsuit for postponement of debt payment obligations (PKPU) to PT Pan Brothers Tbk to the Central Jakarta District Court (PN).

The textile issuer coded PBRX, in a statement to the stock exchange authority, said that currently the Company is requesting clarification from the Court regarding the PKPU lawsuit.

The company also wants to convince all parties that they will make every effort to face and complete the PKPU request.

"Pan Brothers has made every effort to negotiate with syndicated lenders and bilateral loans in order to achieve voluntary debt restructuring out of court," said the company's official statement.

Meanwhile, Pan Brothers also claimed that until yesterday most of the lenders were willing to negotiate well and would submit the terms for credit approval. It should be noted that Maybank's share of the Company's total syndicated and bilateral debt is less than 4.5 percent.

The PBRX also acknowledges that the pandemic presents unprecedented challenges for apparel manufacturers due to the vulnerability of the garment supply chain caused by external demand and supply shocks.

However, the company continues to pay interest on its obligations and actively engages with creditors with the aim of restructuring the debt in a consensual manner.

As is known, after Sritex, one of the domestic textile and textile product giants, PT Pan Brothers (PBRX), is also facing court because of a lawsuit for postponing debt payment obligations or PKPU.

The PKPU lawsuit against PBRX was filed by PT Maybank Indonesia Tbk to the Jakarta District Court on Monday (24/5/2021). with case number 245 / Pdt.Sus-PKPU / 2021 / PN Jkt.Pst.

Maybank, in its lawsuit petitum, asked the panel of judges to grant a number of its claims. First, grant PKPU to Pan Brothrers (PBRX).