Maybank made the legal move because Pan Brothers has delayed its loan obligations since last year and there hasn’t been any signs of a real and concrete resolution, says a spokesman. (Photo by The Edge)
(May 29): PT Pan Brothers said a local unit of Malayan Banking Bhd (Maybank) had sought a debt payment delay against it in a Jakarta court, potentially complicating the Indonesian clothing company’s loan restructuring effort.
PT Bank Maybank Indonesia made the application with the Central Jakarta court, Pan Brothers said in a filing yesterday with the stock exchange. Maybank accounts for less than 4.5% of the company’s syndicated and bilateral loans.
The Indonesian garment producer has struggled with disruptions to the supply chain and textile demand amid the pandemic. Pan Brothers seeks to keep making interest payments and negotiating with creditors to seek consensual debt restructuring, it said in the statement.
Maybank made the legal move because Pan Brothers has delayed its loan obligations since last year and there hasn’t been any signs of a real and concrete resolution, according to spokesman Tommy Hersyaputera in a statement today.
“We hope with this debt payment delay that the borrower will be committed to resolving its obligations,” he added.
