Meikarta Developer Sued For Bankruptcy, Lippo Cikarang: Reconciliation Proposal Is Being Prepared

Meikarta. (Photo: Doc. Lippo Cikarang)

JAKARTA - PT Lippo Cikarang Tbk responded to the question of Postponement of Debt Payment Obligation (PKPU) of PT Mahkota Sentosa Utama as the Meikarta mega project developer. According to the management of Lippo Cikarang, the lawsuit did not have much impact on the company's business

Lippo Cikarang Finance Director Tevilyan Yudhistira Rusli in his online public expose, Monday, December 14, said that currently PKPU's development is still ongoing. He admitted that he always respected the applicable legal procedures.

"MSU, which is running the Meikarta project, has prepared a peace proposal in accordance with the applicable legal procedures. We are optimistic that this proposal will pay attention to and safeguard the interests of all parties in this process," said Yudhis.

In the latest PKPU session developments on December 7, 2020, PT MSU received a total bill of up to IDR 10.5 trillion. PT MSU's total provisional bill was recorded at IDR7,015 trillion from 15,722 creditors.

Meanwhile, the trial has an agenda of matching the accounts receivable figures of all creditors. The agenda for the next PKPU PT MSU session is a session to discuss the peace plan on December 14, 2020, then followed by voting on December 15, 2020.

And according to the PKPU decision, on December 18 2020 a panel of judges deliberation meeting will be held. Yudhis said, the issuer with the code of LPCK shares only has shares of 49.7 percent in PT MSU and these shares are not consolidated.

"So until now we have seen no impact at all from PKPU on the performance of LPCK," said Yudhis.

For information, LPCK shares rose 0.33 percent to Rp1,530 at the end of trading Monday, December 14. Over the past month, LPCK's share price has jumped 70 percent with a market capitalization of IDR 4.10 trillion.