Bankruptcy lawsuit threatens Humpuss

Bisnis Indonesia reported today that Parbulk II, a company based in Norway, waits response from shipping company PT Humpuss Intermoda Transportasi (HITS) Tbk to settle its claim of US$30 million. 

Parbulk II's legal representative Tony Budidjaja said poor response will trigger the company filing bankruptcy lawsuit. At the heart of the dispute is US$30 million overdue payment from Heritage Maritime Ltd SA, a subsidiary of Humpuss which hired MV Mahakam vessel.

Heritage and Parbulk II signed bareboat charter for MV Mahakam, where HITS is the guarantor for Heritage. The charter cost is about US$38,500 per day with outstanding liabilities of US$30 million. Parbulk II, according to the report, has even asked Humpuss to return the vessel.

Humpuss Intermoda is controlled by Tommy Soeharto with total asset of Rp2.97 trillion as of December 31, 2008. Its market capitalization is currently Rp2.8 trillion. This company booked net loss of Rp66.7 billion last year against net profit of Rp240 billion in 2007 due to lower operating profit margin.

In the first quarter 2009, Humpuss reported net loss of Rp55 billion against net profit of Rp72 billion in Q1 2008 on declining margin as well.

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