The Indonesian Textile Association (API) considers that the lawsuit for Postponement of Debt Payment Obligations (PKPU) in the midst of a pandemic is not wise because it will worsen the condition of Indonesia's industry and economy.
This was conveyed by the Chairman of the API Advisory Board Ade Sudrajat at the Investor Daily Summit last weekend. According to him, the PKPU lawsuit against PT Pan Brothers Tbk. (PBRX) should be temporarily discontinued.
According to him, the postponement of the PKPU can give the textile and garment industry time to recover.
“Later, we can start from zero again in building all infrastructure, superstructure, and others. This will harm Indonesia," he said.
He emphasized that companies like Pan Brothers need special attention from the government. According to Ade, basically the issuer is persistent in maintaining its existence and has the ability to make commitments.
Ade also believes that in 2022 the export market orientation will recover because the American, European and Japanese markets will soon recover. He explained that in these countries the employment opportunities have improved, which in turn will increase buying power.
On the other hand, for the domestic market, he said, the recovery might not be as fast as the export market because it is still facing various obstacles. Ade estimates that the domestic market will grow significantly in 2023.
As is known, the PKPU lawsuit against PBRX was filed by Maybank Indonesia. Maybank, in its petition petition, asked the panel of judges to grant a number of their requests. First, granting PKPU to Pan Brothers (PBRX).
Second, setting PBRX in PKPU status for 45 days from the date the decision is pronounced. Third, appoint a Supervisory Judge from the Commercial Judges at the Commercial Court at the Central Jakarta District Court to oversee the process of Postponing the Debt Payment Obligation (PKPU) of PT Pan Brothers TBK.
Fourth, appoint and appoint Ray Winata, Joel Baner Hendrik Toendan, David Togap Marsaor as the Pan Brothers PKPU management team.
Fifth, determine the trial which is a deliberation meeting of judges to hear the report of the Supervisory Judge regarding the progress achieved during the temporary PKPU process no later than the 45th day.
Sixth, ordering the management team to summon Pan Brothers and creditors known by registered mail or by courier, to appear in court.