Selling Hartono Mall To Pakuwon For IDR 1.36 Trillion, It Turns Out That Duniatex Has IDR 19 Trillion In Debt

Photo: Doc. Hartono Mall Solo

JAKARTA - One of the country's major textile companies, Duniatex Group, through its subsidiary, PT Delta Merlin Dunia Properti, has just sold three of its assets to PT Pakuwon Jati Tbk (PWON) with a value of IDR 1.36 trillion.

The assets in question are Hartono Mall Yogyakarta and Hartono Solo Baru, as well as Hotel Marriot Yogyakarta. The fresh funds obtained by Duniatex are alleged to be in order to patch the financial burden of Duniatex which has been in heavy debt since last year.

Quoting previous VOI reports, Duniatex Group could breathe a sigh of relief after the Semarang Commercial Court ratified a peace agreement (homologation) with creditors in a debt restructuring case.

Duniatex Group Corporate Secretary Detri Hakim said the homologation determination by the Panel of Judges was carried out based on a creditor meeting with a voting agenda which was held on June 23, 2020.

At the meeting, there were 55 separatist creditors (with collateral) representing claims worth IDR 19.1 trillion and 16 concurrent creditors (without collateral) representing claims worth IDR 247.5 billion.

"Today, the Semarang Commercial Court has ratified the peace agreement from Duniatex Group and its creditors. This means that starting today the peace agreement that has been agreed by creditors has entered into force and Duniatex Group is obliged to carry it out," said Detri in a written statement, Last Friday, 26 June 2020.

He explained that this matter had fulfilled Article 281 of Law No. 37/2014 concerning Bankruptcy and Postponement of Debt Payment Obligations (PKPU). The total receivables verified by the Management Team and registered in the Permanent Accounts Receivable List amounted to IDR 19.8 trillion originating from 58 separatist creditors and IDR 247.5 billion from 17 concurrent creditors.

Detri Hakim said that his party expressed his appreciation to the Management Team, Supervisory Judges, and Panel of Judges for enabling homologation to be achieved. In addition, there are also expressions of gratitude to creditors from banks that are members of the Himbara, private banks and syndicated creditors, bondholders, and concurrent creditors, who for 270 days have contributed in completing this peace proposal.

According to him, this peace and homologation can be achieved with the support of AJ Capital as the Financial Advisor and Aji Wijaya & Co as the attorney, and the entire internal team during the PKPU process.

"In the future, Duniatex Group stated that it is ready to focus on operating more optimally in the face of an unfavorable economic situation," he said.

Previously, a number of Duniatex subsidiaries were requested by PKPU by PT Shine Golden Bridge at the Semarang District Court. Shine Golden Bridge filed a PKPU application with case No. 22 / Pdt.Sus-PKPU / 2019 / PN Niaga Smg on September 11, 2019.

There are six Duniatex subsidiaries that PKPU has applied for, namely PT Delta Merlin Dunia Textile, PT Delta Dunia Tekstil, PT Delta Merlin Sandang Tekstil, PT Delta Dunia Sandang Tekstil, PT Dunia Setia Sandang Asli Tekstil, and PT Damai Trade and Industry Company.

PKPU was requested because Delta Dunia Sandang Tekstil had a syndicated loan of US $ 260 million with a loan interest of US $ 13.4 million. Other Duniatex subsidiaries also have loans totaling Rp. 18.8 trillion, originating from a number of banks in the form of bilateral, syndicated, and bond loans.

Pakuwon's courage

In the midst of the still sluggish modern retail industry including shopping centers due to the COVID-19 pandemic, Pakuwon dares to take the risk of expanding by buying two shopping centers and one hotel.

This step is quite courageous, because indeed the hotel industry and shopping centers have become one of the businesses that were hit during the COVID-19 pandemic. However, analysts consider this a positive step for Pakuwon in pursuing long-term performance targets.