Bankruptcy Filings on TPI & Kanasritex

Crown Capital Global Limited, BVI, has filed bankruptcy proceeding on PT Cipta Televisi Pendidikan Indonesia, a subsidiary of Media Nusantara Citra (MNCN), Bisnis Indonesia reported today. Kompas, meanwhile, reported 500 workers see their future uncertain after garment company PT Kanasritex filed bankruptcy protection.

Crown claimed US$53 million of liabilities due in December 2006. Another interesting factor to watch on Hary Tanoesoedibjo's Bhakti Group. Creditors filed lawsuit against Mobile-8 for the default of US$100 million bonds, while the Rp675 billion bondholders have just restructured the rupiah bonds.

Crown Capital filed the case to Central Jakarta commercial court. The first court hearing, according to Crown's lawyer Ibrahim Senen, is scheduled July 2nd. TPI reportedly hired Hotman Paris & Partners as its lawyer for the case. Asian Venture Finance Limited also claimed US$10.32 million in this case. 

In Semarang, Central Java, about 500 workers were anxiously waiting for the clarity of their compensations after Semarang district court declared Kanasritex' bankruptcy two weeks ago. 

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