JAKARTA – The operations of PT PP Properti Tbk (PPRO) have returned to normal after emerging from the Suspension of Debt Payment Obligations (PKPU). Yesterday (18/2), the Commercial Court at the Central Jakarta District Court ruled in favour of the homologation between PPRO and its creditors.

Andek Prabowo, President Director of PPRO, stated that the homologation (peace agreement) has restored the company’s operations to normal conditions. “This homologation is the result of the strong commitment of management and all stakeholders to ensure business continuity,” he said in a press release on Thursday (20/2).

According to him, PPRO can now focus on strategic evaluation and improvements to strengthen the company’s competitiveness after the Central Jakarta District Court’s homologation decision. "This is the first step towards PPRO’s performance recovery," he added.

Andek emphasised that PPRO’s management is committed to implementing the restructuring strategy that has been designed to reinforce the company’s business fundamentals.

As reported, the PKPU management team for PPRO reached a homologation agreement with both secured and unsecured creditors. The restructuring scheme was approved by 100% of the secured creditors, representing debts of IDR 3.8 trillion, and by 90% of the unsecured creditors, representing debts of IDR 10.35 trillion. (LK/ZH)