The Panel of Judges at the Commercial Court has officially ratified the homologation agreement between PT Totalindo Eka Persada Tbk (IDX: TOPS) and its creditors. The ruling, issued on the evening of Tuesday, August 15, 2023, at the Central Jakarta District Court, marks the formal conclusion of the company’s Suspension of Debt Payment Obligations (PKPU) process.
The creditor vote, which was held earlier on August 9, 2023, at the same court, was attended by 100% of the separatist creditors, all of whom approved the restructuring proposal—representing a total claim value of IDR 974 billion.
Of the 315 concurrent creditors, 274 were present during the voting. Among those, 259 creditors—or 95.7%—voted in favor of the restructuring plan, representing a claim value of IDR 459 billion. With a majority of both creditor categories in agreement, the court declared the plan as a legally binding Settlement Agreement and formally ratified it through homologation.
This court approval signifies the legal completion of the PKPU process, rendering the agreement binding on both the debtor and the creditors. Following this ratification, Totalindo will begin settling its outstanding obligations through a structured repayment scheme tailored to each creditor group, depending on the amount and nature of the claims.
The approved Composition Plan was designed to balance the interests of creditors with TOPS’s financial capacity, ensuring feasible and sustainable debt servicing.
“We are deeply grateful for the trust and support shown by our creditors throughout this process,” said Solomon Sihombing, Deputy President Director of TOPS, in an official statement released on Wednesday, August 16, 2023. “The ratification of the plan presents a pivotal opportunity to restore momentum and foster sustainable growth across our operations.”
Solomon further noted that the conclusion of the PKPU process is aligned with the company’s initial expectations and reflects a peace proposal that was acceptable to all parties involved. “This outcome confirms that creditors are confident in our ability to honor the agreement, and we are now well-positioned to meet our obligations going forward,” he added.
TOPS’s legal counsel, Doddy Boy Silalahi, described the court’s decision as the company’s optimal resolution under the circumstances. “The debt settlement plan under the new scheme now stands as a binding obligation for Totalindo,” he stated.
Noprian Fadli, financial advisor from Triple B Advisory, echoed that sentiment: “We appreciate the support from all parties. I am confident that, following this homologation, Totalindo can fulfill its debt obligations responsibly and efficiently.”
Meanwhile, TOPS continues to maintain its operational activities, with a focus on the construction services sector. As of the third quarter of 2023, the company is executing 15 active projects, contributing to a total contract portfolio worth IDR 1.021 trillion. Among the notable projects completed in Q2 2023 is the prestigious MNC Ballroom, also known as the Royal Glass House Building.
Source, Translated : https://investasi.kontan.co.id/news/perjanjian-perdamaian-disahkan-majelis-hakim-pkpu-totalindo-tops-berakhir