Leces Paper Assets Start Selling

Paper Leces

Yanuarius Viodeogo

The settlement of PT Kertas Leces’ assets slowly showed a bright spot after the curator managed to sell part of the budel persero.

Bankruptcy curator Leces Paper said the bankrupt budel sold the paper maker’s bankrupt manufacturers such as vehicles and heavy equipment. Meanwhile, other large assets in the form of land and buildings have not been sold.

Curator Anggi Gitaharani said the sales value of vehicles and heavy equipment reached Rp1.6 billion. Other assets are still in the apraisal or calculation of selling value to be submitted to the auction office.

“The value sold [alat berat dan kendaraan] is [nominal] small. While that is machine and ground, it’s massive [nominal] yet to sell. Moreover, the land, there are still constraints in the certificate,” Anggi told me, Thursday (7/5/2020).

leces paper infographic

The assets sold, Anggi added, must be approved by a court or bankruptcy supervisory judge Paper Leces to be distributed to creditors.

On the other hand, curators encountered obstacles to completing a number of bankrupt Budel Leces Paper which are the company’s main assets.

The problem is 14 certificates in the form of land assets covering an area of 62 hectares. On the ground stands the factory and operational building of Kertas Lece management.

Quoted from Bisnis Indonesia, the bankruptcy curator stated that if the Ministry of Finance releases the 14 certificates, the debt repayment to creditors is faster.

The curator has written to the Ministry of Finance through the Directorate of State Wealth Management and Information System (DPKNSI) of the Ministry of Finance. DPKNSI has even issued circular No.
S-934/KN.5/2019 as of September 20, 2019 concerning the submission of Paper Leces credit asset certificate to the curator.

The curator has submitted the requirements to the Ministry of Finance to obtain the 14 certificates. However, the Ministry of Finance’s Advocacy Bureau has not handed over the assets to the curators.

“Already agreed dpknsi, 14 assets will be handed over directly to the curator and 2 other assets to KAML [Kalimantan Asset Management Limited] ,” curator Febri Arisandi.

Meanwhile, other assets that have been combed by the curator such as 16 Building Rights (SHGB) certificates worth Rp11 billion. Other assets auctioned by Leces Paper Mill include: Depithing Plant, Bagasse Dewatering Unit, Fuel Oil Storage Tank, and Electric Generation Set.

The asset has been auctioned at the Office of State Wealth Services and Auctions (KPKNL) Malang with a limit of Rp2.95 billion with a collateral value of Rp600 million.


The bankruptcy of Kertas Leces occurred when the manufacturer was decided bankrupt by the Central Jakarta Commercial Court case No. 01/Pdt.Sus.Cancellation of Payment/18/PN. Niaga.Sby on September 25, 2018.

Leces paper fell into bankruptcy because previously 15 employee representatives applied for bankruptcy after not obtaining severance payments from the company.

From the results of debt verification, debtors have debts of Rp2.12 trillion spread across preferential creditors as much as Rp747.86 billion, separatist creditors as much as Rp1.15 trillion and concurrent creditors have receivables of Rp222.73 billion.


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