Pan Brothers (PBRX) Files Application in US Bankruptcy Court

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Textile issuer PT Pan Brothers Tbk. (PBRX) said it had filed a chapter 15 application before the US Bankruptcy Court. Director of Pan Brothers Fitri Ratnasari Hartono said that his party submitted an application for chapter 15 before the US Bankruptcy Court on February 4, 2022. "This is done as a follow-up to the approval of the regulatory scheme proposed by the company at the Singapore High Court previously," Fitri said in an information disclosure on the Indonesia Stock Exchange (IDX), Wednesday (9/2/2022). He continued, according to clause 2.7 of the Agreement Document Scheme, it states that approval of Chapter 15 submissions in US Courts is a condition for the Restructuring Effective Date to occur.

The trial schedule set by the US Bankruptcy Court for the chapter 15 application is March 8, 2022 at 10 a.m. (Eastern Time).

"The company will continue to provide updates on information related to the ongoing restructuring process in accordance with applicable regulations," he said.

Fitri also ensured that while undergoing this restructuring process, the company's operational activities would run normally. Previously, the Singapore High Court approved the restructuring scheme proposed by PBRX.

Pan Brothers Corporate Secretary Iswar Deni said, after the restructuring scheme was approved, the next step was to sign a restructuring agreement with the related parties.

According to him, several creditors have signed restructuring agreements without waiting for the results of the Singapore High Court sanctions.

"Some are still being reviewed by their respective legal teams," said Iswar, Tuesday (18/1/2022).

According to him, Pan Brothers targets the signing of this restructuring to be completed in March 2022.

In addition to approving the restructuring scheme, the Singapore High Court also recognized and appointed Geoffrey David Simms, to act as the official foreign representative of the applicant to seek recognition of this Singapore process abroad. Included in the United States, according to Chapter 15 title 11 of the United States Codes.