The management of PT Rekayasa Industri (Rekind) has announced the successful completion of the Company’s Suspension of Debt Payment Obligations (PKPU) process, following the approval of its homologation. This achievement, while commendable, is being met with gratitude and reflection rather than celebration.
Such was the sentiment shared during the Town Hall Meeting held on Monday, February 5, 2024, at the Rekind Head Office, ROB II Building, First Floor.
Rekind’s success in the PKPU process was formalized through a ruling by the Panel of Judges at the Commercial Court of the Central Jakarta District Court on January 31, 2024. The court’s decision followed a creditor vote on the proposed peace agreement, involving 229 creditors, including both concurrent and separatist categories.
The proposal received overwhelming support, with 96.94% of concurrent creditors (by headcount) and 98.99% (by value of claims) voting in favor. Notably, all separatist creditors approved the plan, both in headcount and claim value, achieving a unanimous 100% approval.
This milestone marks the beginning of a new chapter for Rekind as it embarks on a comprehensive Financial Restructuring and Business Transformation program, aligned with the Corporate Restructuring Plan endorsed by State-Owned Enterprises Minister Erick Thohir on January 2, 2024.
“Our success in the PKPU process has opened a door—one that allows us to move forward in transforming Rekind into a leading company, and a source of pride for all stakeholders and for the nation,” stated Rekind Director Triyani Utaminingsih during her address at the event.
She emphasized that the PKPU process has offered critical lessons and underscored the importance of timely resolution. “Prolonged court proceedings would have undoubtedly brought adverse impacts to the Company,” she noted.
Convincing a diverse group of creditors—including banks, vendors, and subcontractors—of the merits of the PKPU process was not without challenges. “We are grateful that, through shared determination and commitment, we were able to reach this outcome. It reflects our collective resilience and our ambition to restore Rekind to a position of strength,” added Utaminingsih.
She also extended her sincere appreciation to Rekind’s internal team, commending their professionalism and dedication, which enabled the Company to secure a mutually agreed settlement within just 77 calendar days.
source : http://www.rekayasa.com/index.php/2024/02/06/pascahomologasi-pkpu-patut-disyukuri-tapi-jangan-euforia/