Jakarta, CNBC Indonesia – Bank Mandiri Group asset management company, PT Mandiri Manajemen Investasi (MMI) through its attorney Raden Suharsanto Raharjo (Suharsanto) from the AKSET Law Office, has finally filed an application for Suspension of Debt Payment Obligations (PKPU) against PT Tridomain Performance Materials Tbk (TDPM).
The PKPU lawsuit was filed at the Central Jakarta Commercial Court on Thursday 8 July 2021.
The PKPU submission was made after the debt restructuring proposal submitted by TDPM due to the condition of default on loans underlying asset Mandiri Protected Mutual Funds Series 147, 151 and 152, namely debt securities (Medium Term Notes or MTN) series II issued by TDPM are considered detrimental to investors.
In an official statement, Suharsanto said, MMI as the investment manager had asked TDPM for the best debt restructuring proposal since the end of April 2021, after the petrochemical company was declared in default. or fail to pay off the principal debt of MTN Series II worth IDR 410 billion along with the interest, which is due April 27, 2021.
In connection with this, TDPM then appointed SJ Investment & Advisory as a financial advisory consultant to assist in preparing TDPM’s debt restructuring to its creditors.
It is noted that TDPM has submitted restructuring proposals six times to MMI.
However, after careful scrutiny by MMI and after receiving input from the holders of the Mandiri Protected Mutual Fund participation units, MMI felt that the restructuring proposal submitted by TDPM detrimental to the investor holding the Participation Unit of the Protected Mutual Fund who is the holder of the MTN II.
Even up to the submission of the sixth restructuring proposal submitted by TDPM On June 29, 2021, the revision of the restructuring proposal is still considered to be detrimental to investors.
“MMI considers that all of these proposals do not reflect the actual condition of the TDPM, which is still considered capable of offering a better settlement,” said Suharsanto, in an official statement, Tuesday (13/7).
“Reflecting on a number of media reports, TDPM stated that the company’s business fundamentals were still good. TDPM also stated that the company’s operations were still running normally, and had not terminated their employees,” said Suharsanto again.
Therefore, he said, MMI felt that the submission of a PKPU application against TDPM could provide a solution that would not harm investors and provide legal certainty.
“We hope that the PKPU application for TDPM can be accepted by the Commercial Court, so that the process of settling the obligations of TDPM will get legal certainty,” said Suharsanto.
He explained that the PKPU process was a form of good faith and optimal efforts by Mandiri Investasi to protect the rights and interests of Mandiri Investasi’s Protected Mutual Fund investors.
Because, apart from providing a settlement scheme that is not optimal, TDPM is considered less open to the actual condition of the company.
“This PKPU is expected to provide certainty for the settlement of obligations to Mandiri Investasi and investors holding the Protected Mutual Funds of Mandiri Investasi. The settlement of TDPM obligations will be managed by an independent board and supervised by the court,” said Suharsanto.
From TDPM’s side, the issuer of raw materials for various industries stated that they are negotiating with MTN holders who previously failed to pay after their maturity date.
As is known, the company has not been able to pay off the principal of the 2018 MTN II Tridoman Performance Materials which matures on April 27, 2021.
In addition to MTN II, there are two other MTNs that will mature this year, namely MTN I Tridomain Performance Materials I Year 2017 which will mature on May 18, 2021 with a principal of US$ 20 million and MTN III Tridomain Performance Materials which will mature on July 4, 2021. with a principal of IDR 100 billion.
The management of TDPM, in its public presentation, said that the company has planned a restructuring scheme for the payment of the MTN principal and coupons.
“The company will recover, the estimated 3 years, hopefully it will be faster, if it’s longer it won’t be more than 2 or 3 years,” said Tridomain Financial Advisor, Hendri Kurniadi in a virtual public expose, Tuesday (11/5/2021) .
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