Cowell Development Strives To Fulfill All Obligations To Creditors

Atrium Monday. (Photo: Doc. Cowell Development)

JAKARTA - The management of property developer, PT Cowell Development Tbk (COWL) said that in general the company is still operating. However, the company's management admits that currently there are still obstacles in the construction and completion of previously planned projects.

Regarding the current condition of the company, the Director of Cowell Development, Pikoli Sinaga stated, after the Company was sued for bankruptcy in June 2020, COWL attempted to enter into a peace agreement with the creditors.

"And grateful that the agreement can be reached and homologated (hereinafter referred to as the Homologation agreement). In connection with the agreement, we are currently running the company in accordance with the conditions contained in the Homologation agreement," said Pikoli, after the Annual General Meeting of Shareholders (AGM) and Public Expose, in Jakarta, Friday 15 July.

Furthermore, Pikoli said, the company is trying to settle its obligations to creditors in stages according to homologation with each creditor's criteria with a deadline of October 2022.

"We are trying to fulfill these obligations," he said.

For information, the AGMS held today approved the appointment of Joksan Melkizedek to replace Harijanto Thany who resigned from the position of President Commissioner.

In addition, the AGMS has also received a financial report for the 2019 financial year which recorded a net loss of Rp.959.85 billion. It was explained that the losses suffered by the company were mostly due to the decrease in the value of inventory assets and goodwill.

"The two causes have been based on the assessment of public appraisers," he explained.

However, according to Pikoli, adding that the company is currently preparing financial reports for 2020 and 2021. "Hopefully the Covid-19 pandemic condition will really recover so that it will not be overwhelmed in the preparation of the report," he concluded.