Long unheard of creditor meeting PT Tinindo Inter Nusa, the tin smelting company is now entering the final phase of Debt Payment Obligation Delay (PKPU).
The company’s PKPU period in Bangka Belitung will end after a 270-day restructuring process at the Central Jakarta Commercial Court.
PKPU administrator Acep Sugiana said PT Tinindo Inter Nusa (debtor) had undergone a PKPU period of 270 days and was given the opportunity to last another 24 days or a final meeting with creditors on June 4, 2020.
Acep said the creditors still objected to the proposal scheme from the debtor so asked the debtor to fix the proposal in order to pass the PKPU.
Creditors want to give opportunities to debtors, said Acep, because the debtor has a number of active Mining Business Licenses (IUP).
“Tinindo is still running with the cooperation with PT Timah. Some IUP is still active. That’s the last [diputuskan lolos atau tidak PKPU pada 4 Juni 2020] chance,” Acep told me, Thursday (7/5/2020).
PKPU Tinindo Process
PKPU PT Tinindo Inter Nusa began when PT Sarana Cipta Konstrindo applied for PKPU granted by the Central Jakarta Commercial Court. Sarana Cipta Konstrindo filed PKPU with case No. 180/Pdt.Sus-PKPU/2019/PN Niaga Jkt.Pst on August 21, 2019 to collect debts worth Rp14 billion.
In the course of time, the court granted the pkpu application on September 12, 2019 as well as appointing Acep Sugiana and Fariq Libarani Sandhi as pkpu administrators.
When verifying receivables bills, debtors have debts of Rp1.1 trillion to a total of 5 creditors including 3 separatist creditors and 2 concurrent creditors. The 3 separatist creditors have receivables worth Rp700 billion.
Since pkpu was established, debtors get the opportunity to extend the time for 90 days and be granted by creditors.
After being given time for 90 days, Tinindo obtained an extension of up to 270 days. During the creditor meeting, Tinindo refused to comment to me.
Tinindo’s shaky performance can not be separated from the regulations applied by the Ministry of Energy and Mineral Resources (ESDM) that should not be exported directly but must sell first to PT Timah.
Ministry of Energy and Mineral Resources Policy No. 11 Year 2018 was about the procedure of granting territory, licensing, and reporting on the business activities of mineral and coal mining (minerba).
The beleid makes the tin industry become lethargic including the tin industry in Bangka Belitung Province (Babel).