Thursday, December 17, 2009

TPI wins appeal in Supreme Court

Supreme Court has endorsed the cassation appealed by Televisi Pendidikan Indonesia (TPI), a unit of PT Media Nusantara Citra (MNCN) and nullified the decision of Commercial Court concerning the Bankruptcy of TPI on 14 October 2009. 
The endorsed cassation appeal was actually appealed not only by TPI but by TPI's creditors who oppose the bankruptcy decision. The verdict was based on the reasoning that the bankruptcy petition which was held by the commercial court upon petition by Crown Capital Global Limited was not simple, meanwhile in principle, bankruptcy cases must be proven simply.
Following the Supreme Court ruling, TPI said it is no longer holds bankruptcy status and shall run the operation back to normal. 




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