Textile Issuer PT Pan Brothers Tbk. (PBRX) has just received approval from the lender on the term sheet submitted by the company, in an effort to restructure debt. In an official statement, the management of Pan Brothers hopes that the restructuring process can be carried out according to the planned schedule. "So we are more focused on strategies to maximize our production capacity and meet the demands of corporate buyers," wrote Pan Brothers management, Thursday (9/12/2021). It is known that the issuer coded as PBRX has just finished voting for the company's restructuring. The voting results show that the majority of creditors agree with the term sheet proposed by the company.

Director of Pan Brothers Fitri Ratnasari Hartono in information on the Indonesia Stock Exchange (IDX) said that to comply with the provisions of the Singapore Scheme proposed by the company, Morrow Sodali Limited as the appointed information agent for the voting tabulation process, has received instructions from the creditor of the scheme.

 As a result, for the first instruction, for note holders as much as 95.75 percent of the total number of records that have participated in the voting, approved the term sheet submitted by the company. Thus, it has crossed the minimum 75 percent threshold required under the Singapore Scheme.

"Secondly, for syndicated lenders, as much as 100 percent of the number of syndications participated in the voting term sheet submitted by the company. So it has crossed the minimum 75 percent limit required in the Singapore Scheme," said Fitri, (8/12/2021).

Third, for bilateral active lenders, as much as 100 percent of the total bilateral credit approved the voting term sheet submitted by the company. Fourth, for non-active lenders, 100 percent of the total non-active credits participated in the voting term sheet submitted by the company.

These results have crossed the minimum 75 percent threshold required under the Singapore Scheme.

Thus, Fitri said, the scheme has been approved by the majority of creditors in each voting class, in accordance with the provisions of the scheme.

PBRX will apply to the Singapore High Court under section 71 of the IRDA for the Singapore High Court hearing on the Scheme and will notify scheme creditors of the date and location of the hearing once it is known. The Company will also provide further notification through the clearing system, SGXNet, Scheme Website, and email.

For your information, on June 1, 2021, PBRX filed an application at the Singapore High Court to request a moratorium to protect the company during the proposed restructuring process.

The application was heard on June 4, 2021 and decided that PBRX and its subsidiaries had been granted a moratorium until July 1, 2021 and then extended it again until December 28, 2021.