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TT International Indonesian unit under suspension of debt payment obligations regime
AN indirect Indonesian subsidiary of TT International has been placed under a suspension of debt payment obligations regime, following a petition submitted by creditor PT Bank Resona Perdana to the Central Jakarta District Court.
The mainboard-listed company said on Friday evening that the court had on Thursday granted the petition and has placed PT Sumber Electrindo Makmur under the regime.
Among other things, the unit faces a temporary moratorium of 45 days, which may be extended by the Indonesia Court to a fixed moratorium not exceeding 270 days.
During the period of the moratorium, a composition plan will have to be submitted for approval by PT Sumber’s creditors.
A creditors' meeting will be held on Oct 1 regarding voting on the composition plan of PT Sumber or the conversion of the status of the regime from a temporary moratorium to a fixed moratorium.
TT Interntational said that it will make further announcements "as and when there are material developments".
Trading in TT International’s shares has been voluntarily suspended by the company on Aug 4, 2017.