JAKARTA - PT Laras Nugraha Cipta (LNC) has filed a suspension of debt payment obligation (PKPU) against several television broadcasting companies under Bakrie Group. The lawsuit is filed under No.13/Pdt.Sus-PKPU/2024/PN.Niaga Jkt.Pst that had been issued earlier this week (12/2) and was ruled as temporary insolvency (PKPU) case.

In the information disclosure quoted Friday (16/2), Neil R. Tobing, Director of PT Visi Media Asia Tbk (VIVA), confirmed that the Panel of Judges of Commercial Court of Central Jakarta have ruled a temporary PKPU status for VIVA, PT Cakrawala Andalas Televisi, PT Latifi Mediakarya, and PT Intermedia Capital Tbk (MDIA) for the next 45 days since the verdict was read.

Panel of judges also inaugurated and appointed Alfin Sulaiman, Verry Sitorus, Martin Patrick Negeri, and Bosni Gondo Wibowo as members of the Administrator Team in this Temporary PKPU process.

Throughout the Temporary PKPU process, the issuer will list and match creditors’ debts, facilitated and monitored by the team. “As of now, the Temporary PKPU status will no longer affect operation and sustainability of the company and its subsidiaries,” Tobing mentioned.

According to Act of Bankruptcy and PKPU No. 37/2004, the company cannot be forced to pay off debts and all ongoing actions to obtain debt payment will be adjourned during the Temporary PKPU.

As of January 2024, VIVA’s shares were recorded at 16.46 billion, 12.04% which were owned by controllers, and non-controllers claimed another 87.96%. In November 2023, MDIA’s shares were recorded 39.21 billion, 89.51% of which belonged to controllers, and non-controllers own another 10.49%. The ultimate beneficial owner of both companies are The Bakries.

As of Q3 2023, MDIA recorded equity of IDR 2.83 trillion, declining from IDR 2.94 trillion in 2022. (LK/ZH)