Big Bankrupt Companies In Indonesia, Some Lose Hundreds Of Billions

Illustration of bankruptcy (photo: Pixabay/Viarami)

YOGYAKARTA Indonesia has witnessed the bankruptcy of a number of major companies that have triumphed in its time. This large bankrupt company in Indonesia shows that there is no business that is completely safe from risk. Many factors cause bankruptcy, ranging from mismanagement, competition, to drastic economic changes.

Here are some examples of big companies experiencing bankruptcy and the causes behind it.

Compiled from various sources, the following are several large companies experiencing bankruptcy in Indonesia:

Mrs. Meneer is an herbal medicine company that produces traditional herbs. PT. Mrs. Meneer made rapid progress in the 1990s. At that time, their products were sold to international markets, such as Asia such as Malaysia, Japan, South Korea, Singapore, Taiwan, and China. Not only that, Mrs. Meneer's herbal products also entered the European and United States markets.

Even though his business has gone international, in 2017 PT. Mrs. Meneer was declared bankrupt by the Semarang District Court (PN).

There are several factors that make Mrs. Meneer's business waver, ranging from internal disputes between the next family, enormous debt burdens, to lack of innovation in her products.

Kodak is a well-known camera manufacturer in the world and is one of the pioneers in the photography industry.

Kodak founder George Eastman discovered a modern camera in 1888, which later became a milestone in the history of modern photography.

Having worked in the photography industry, Kodak's big name had to disappear after being declared bankrupt in 2013. This company is unable to compete with competitors who offer digital products in the midst of very rapid technological advances. In addition, Kodak also underestimated innovation so that his business could not achieve money.

7-Evelen is a 24-hour retail network based in Dallas, Texas, United States.

In 2009, 7-Eleven (Sevel) through PT MSI developed a bisbis network in the convenience store in Jakarta. Sevel was so famous in the 2010s for serving various foods and drinks. However, this business did not last long in the country.

In 2017, Sevel was officially declared bankrupt. The PT Modern Internasional Tbk business unit closed all outlets in Indonesia because they were unable to cover such high operational costs.

PT Sariwangi Agricultural Estate Agency (SAEA) is a company engaged in trading tea commodities, which later became a tea producer.

In 2018, the company, which is famous for its teabag products, was declared bankrupt because it was unable to pay debt credit installments to Bank ICBC Indonesia.

At that time, SAEA's total debt to Bank ICBC reached 20.5 million US dollars or around Rp316 billion.

In addition, this company also failed to increase plantation production. PT Sariwangi developed a drainage system or water disbursement technology and has invested large funds, but the results are not in accordance with expectations.

That's information about large companies that go bankrupt in Indonesia. Get news updates of other options only on VOI.ID.