Textile issuer PT Pan Brothers Tbk. (PBRX) will conduct a Scheme Trial at the Singapore High Court on 17 January 2022. The Company previously submitted a request for a restructuring scheme to the Singapore High Court. Director of Pan Brothers Fitri Ratnasari Hartono said the Scheme Session would be held on January 17, 2022 at 14.30 Singapore time in the presence of His Excellency Judge Philip Jeyaretnam. "For this reason, the request for an extension of the moratorium is needed because the Scheme Session will be held after December 28, 2021, when the current moratorium period will end," Fitri said in an information disclosure on the Indonesia Stock Exchange (IDX) quoted Monday (27/12/2021).
He continued, the issuer with the stock code PBRX has applied for an extension of the moratorium and has been approved by the Singapore High Court for trial on January 5, 2022 at 10:00 Singapore time.
"The company will continue to provide updates on information related to the ongoing restructuring process in accordance with applicable regulations," he said.
Fitri ensured that during the restructuring process, the company's operational activities would run normally. Also Read: Pan Brothers (PBRX) Expenditures Up to US$15 Million in Capital Expenditures in 2022
As is known, the issuer with the stock code PBRX has just finished voting for creditors for company restructuring. The voting results show that the majority of creditors agree with the term sheet proposed by the company.
To comply with the provisions of the Singapore Scheme which is being proposed by the company, Morrow Sodali Limited as the appointed information agent for the voting tabulation process, has received instructions from the scheme creditors.
As a result, for the first instruction, 95.75 percent of note holders who have participated in the voting have approved the term sheet proposed by the company. Thus, it has crossed the minimum 75 percent limit required in the Singapore Scheme.
"Second, for syndicated lenders, as much as 100 percent of the total syndicated debt participating in the voting approved the term sheet submitted by the company. So it has crossed the minimum 75 percent limit required in the Singapore Scheme," Fitri said, Wednesday (12/8/2021). ).
Third, for active bilateral lenders, 100 percent of the total active bilateral loans participating in the voting approved the term sheet proposed by the company. Fourth, for non-active bilateral lenders, 100 percent of the total non-active bilateral loans participating in the voting approved the 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.
