PT Marcopolo Shipyard (PTMS) has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with local Law on Bankruptcy and Suspension of Debt Payment. Pursuant to the PKPU application filed by PTMS it was ordered that a temporary restraint of legal proceedings against PTMS be put in place for 45 days, commencing May 18th. An appointed Supervisory Judge, with a team of administrators, will assist PTMS in managing its assets.
During the 45-day period PTMS will be required to submit a debt restructuring plan for its creditors to consider at a creditors’ meeting, which will be subject to the consent of the requisite majority of creditors as prescribed by applicable law. Should no debt restructuring plan is approved, PTMS said that a possible outcome was bankruptcy.