The Suspension of Debt Payment Obligations (PKPU) process involving PT Krakatau Engineering, a subsidiary of state-owned steel producer PT Krakatau Steel (Persero) Tbk, has officially concluded with a court-approved homologation at the Commercial Court of the Central Jakarta District Court.
The ratification of the composition plan proposed by PT Krakatau Engineering offers a fresh start for the engineering services firm, enabling it to resume operations with renewed confidence and a focus on long-term recovery.
According to a statement received by Infoka on Tuesday, March 14, 2023, the Management Team—represented by Prama Artha Rambe and Ongku Martua Siregar—reported that a total of 165 creditors were registered in the PKPU process, with combined claims amounting to IDR 2.19 trillion.
The breakdown includes three separatist creditors with claims totaling IDR 443.27 billion, and 162 concurrent creditors with claims amounting to IDR 1.75 trillion.
PT Krakatau Engineering was formally placed under PKPU status on September 19, 2022, through Case No. 190/Pdt.Sus-PKPU/2022/PN.Niaga.Jkt.Pst, as ruled by the Commercial Court at the Central Jakarta District Court.
On Monday, March 6, 2023, a vote was held during the Peace Plan Deliberation and Voting Meeting. The results reflected overwhelming support for the proposed plan: 100% approval from the separatist creditors and 97% approval from the concurrent creditors.
Subsequently, on Thursday, March 9, 2023, the Deliberation Assembly convened at the Commercial Court and formally ratified the plan, marking the official conclusion of the PKPU process after a six-month period.
Following the homologation, the Management Team expressed optimism about the company’s path forward. “We hope the conclusion of the PKPU process becomes a pivotal moment not only for PT Krakatau Engineering but also for all stakeholders involved—creditors and the company alike,” said Rambe and Siregar in a joint statement.
They further emphasized the importance of continued commitment. “PT Krakatau Engineering must now demonstrate discipline and consistency in fulfilling all obligations as outlined in the court-approved settlement agreement.”
Source/translated : https://infoka.id/pkpu-pt-krakatau-engineering-berakhir-damai.