The Indonesia Stock Exchange (IDX) officially issued the shares of textile issuer PT Pan Brothers Tbk (PBRX) from the special monitoring list today, Wednesday (28/7/2021).
Based on IDX's information disclosure, on Tuesday (27/7), PBRX was included in the criteria for point 8 securities under special monitoring.

"This change is effective on July 28, 2021," explained the stock exchange.

For information, point 8 refers to when an issuer is in a condition where it is requested for a Suspension of Debt Payment Obligation (PKPU) or is requested for bankruptcy.

Previously, on Monday (26/7), the PKPU from PT Bank Maybank Indonesia Tbk (BNII) to Pan Brothers was rejected by the Central Jakarta Commercial Court. This means that PBRX has escaped this PKPU lawsuit.

For information, point 8 refers to when an issuer is in a condition where it is requested for a Suspension of Debt Payment Obligation (PKPU) or is requested for bankruptcy.

Previously, on Monday (26/7), the PKPU from PT Bank Maybank Indonesia Tbk (BNII) to Pan Brothers was rejected by the Central Jakarta Commercial Court. This means that PBRX has escaped this PKPU lawsuit.

The verdict was read out in a trial held Monday (26/7/).

Maybank Indonesia's attorney, Budi Rahmad, said that the rejection of the PKPU claim was because the court recognized the Singapore High Court's decision on the moratorium on PBRX obligations in the country.

"Yes, rejected," said Budi.

He explained that the consideration of the panel of judges regarding the rejection of the PKPU was against the law because it had recognized the Singapore moratorium decision.

Then this moratorium is used as a statement to state that the applicant does not have the legal standing to apply for the a quo PKPU.

"Even though it is clear that foreign [court] decisions cannot be enforced in Indonesia and the bankruptcy law also does not recognize / recognize foreign decisions," he explained.

For the next step, Budi said that it would still be coordinated with Maybank Indonesia as his client.

The PKPU lawsuit was filed by Maybank on Monday (24/5/2021) with case number 245/Pdt.Sus-PKPU/2021/PN Jkt.Pst.

Meanwhile, on June 28, 2021, in Singapore, Judicial Commissioner Philip Jeyaretnam responded to the application for OS 551 and Subsidiaries OS. Judicial Commissioner Philip also gave a moratorium to Pan Brothers and its subsidiaries until December 28, 2021.

This moratorium application is indeed based on Section 64 of Insolvency, Restructuring and Dissolution Act 2018 with case number HC/OS 551/2021.

In addition, PBRX also submitted another application based on Section 65 of the IRDA (Subsidiaries OS) for a moratorium on subsidiaries in support of company restructuring.

Regarding the value of the debt being moratorium, the largest value is to bondholders and syndicated lenders with a bond value of US$ 171.1 million or equivalent to Rp. 2.48 trillion (average exchange rate of Rp. 14,500/US$) and a syndicated limit of US$ 138. , 5 million or equivalent to Rp 2 trillion.

To note, the obligations of Pan Brothers from Maybank Indonesia are in the form of bilateral loan facilities worth Rp. 4.16 billion and US$ 4.05 million (around Rp. 58.75 billion, assuming an exchange rate of Rp. 14,500/US$), bringing a total of Rp. 62.91 billion. .

In addition to PBRX shares, the day before, or on Tuesday (27/7), the stock exchange also officially revoked three other shares from the special monitoring list.

The three stocks are engineering and manufacturing company PT Grand Kartech Tbk (KRAH), textile company PT Sri Rejeki Isman Tbk (SRIL), and construction company PT Waskita Karya Tbk (WSKT) PT Waskita Beton Precast Tbk (WSBP).

As was the case with Pan Brothers, previously, the three shares listed above were included in point 8 in the criteria for securities under special monitoring alias entangled in PKPU.

For example, SRIL is currently in the PKPU process in three countries, including Indonesia, Singapore, and the United States (US). The PKPU process in Indonesia, for example, the Panel of Judges of the Commercial Court at the Semarang District Court has decided to grant the company's request to extend the PKPU process for the next 90 days.

Meanwhile, the company recently experienced a reduction in its Long-Term Issuer Default Rating (IDR) to RD (Restricted Default) from C previously carried out by global rating agency Fitch Ratings.

This happened as Sritex failed to meet the interest payments due of around US$ 850,000 or equivalent to Rp. 11.9 billion (exchange rate of US$ 1 = Rp. 14,000) on a syndicated loan of US$ 350 million or Rp. April 2021.