JAKARTA — PT The First National Glassware, a manufacturer of glass cutlery, after officially holding bankruptcy status began auctioning its assets.
The company’s journey ended in bankruptcy when the company, which was founded on June 30, 1971, filed for debt restructuring to the Central Jakarta Commercial Court on May 25, 2018 and was granted by a panel of judges.
The Tribunal stated in its ruling that The First National Glassware (FNG) must undergo a Temporary Suspension of Debt Payment Obligation (PKPU) period on June 28, 2018.
The judge said FNG considerations should be in the PKPU because it does not produce any more of its products making it difficult to pay debts to creditors. When the application was submitted by FNG, the company had a debt bill of Rp300 billion to the creditors.
In the interim PKPU period, the court ordered Rapin Mudiardjo and Acep Sugiana as the administrators of PKPU. In verifying receivables, FNG bills rose to Rp600 billion.
The bills are at Bank ICBC Indonesia as much as Rp128 billion, Bank Victoria reaches Rp148 billion and Bank Panin as much as Rp35 billion.
Other creditors who hold receivables from preferentials, namely taxes and employees as much as Rp200 billion. Other creditors are concurrently amounting to Rp89 billion.
However, in the period of temporary PKPU will end, the FNG can not submit a peace proposal to the board and creditors so that it leads to bankruptcy.
The Tribunal re-appointed the board as FNG’s bankruptcy curator to settle the company’s assets located at Pulo Lentut No. 11, Pulo Gadung Industrial Estate, Jakarta.
The curator managed to comb through FNG’s assets and conduct an auction of the assets. Acep said there are 6 asset packages worth IDR425.50 billion covering the first package of land, buildings, complementary means of production of goods.
The second package, vehicles and heavy equipment limit value of Rp5.34 billion. Next, the package includes production machines with a limit value of Rp207.96 billion, the 4th lot is the stock of finished goods with a limit of Rp57.91 billion.
The 5th package is equipment, stock of semi-finished goods, stock of raw materials, inventory, stock of wrapping materials, stock of auxiliary materials amounting to Rp17.09 billion and lastly the 6th package includes materials such as iron, babet pipes, copper cables, indoor air conditioning, outdoor air conditioners, and tarpaulins reaching Rp45.49 billion.
Acep requested that any party interested in buying FNG assets to follow the auction procedure that will be announced by the Office of State Services and Auctions (KPKNL) Jakarta IV.