Source: Kabar24.bisnis.com
Bisnis.com, JAKARTA – Batavia Air airline operator, PT Metro Batavia will soon end its bankruptcy. The pile of debts of Rp2.54 trillion was apparently not fully paid off with the assets that have now been auctioned off.
Even more sadly, the auction of Batavia assets only generated Rp40 billion, far from the company’s total debt.
One of the bankruptcy curators of PT Metro Batavia, Turman Panggabean, said that the debtor’s bankruptcy which had been ongoing since January 30, 2013, was officially closed in March this year.
The bankruptcy was closed because the debtor no longer had any assets to sell. “The process ended even though Metro Batavia’s debt could not be closed at all,” he told Bisnis , Thursday (5/22/2018).
The curator team has distributed the proceeds from the sale of the bankrupt estate five times since the debtor was declared bankrupt. Debt payments to creditors are made in stages.
For the initial period, payment of obligations is channeled to preferred or priority creditors such as the tax office and employees.
Next, the separatist creditor or property rights holder executes his own collateral assets. “The unfortunate ones are the concurrent creditors [without collateral]. They can only accept the rest of the sale,” he said.
According to Turman, closing the bankruptcy case is the best way for all parties. Because, there is nothing more to expect from the debtor’s bankruptcy case.
He admitted that bankruptcy never sided with creditors, especially concurrent ones. In practice, he continued, concurrent creditors were like stepchildren in the bankruptcy process.
The curator has informed all creditors about the bankruptcy closure plan well in advance. Turman said that separatist and preferred creditors accepted the end of PT Metro Batavia’s life story. However, he admitted that he experienced obstacles when dealing with concurrent creditors.
Looking back, the bankruptcy journey of the company with the Batavia Air airline brand did not go smoothly.
In April 2015, the curator team consisting of Turman M. Panggabean, Alba Sukmahadi and Andra Reinhard Pasaribu were reported to Bareskrim for document falsification. In fact, the three curators have been named as suspects.
Not accepting the accusation of bad faith, the curator team filed a pretrial motion to the South Jakarta District Court. Good luck was on the side of the curator team who were freed from suspect status after their pretrial motion was granted by the judge, June 2016.
Before closing, Metro Batavia’s curator team distributed the proceeds from the sale of the last bankrupt bonds whose list had been released to creditors. The total funds distributed in this fifth phase amounted to Rp18.52 billion.