Indonesia govt to appeal bankruptcy ruling on Dirgantara to Supreme Court |
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Wed, 05 Sep 2007 05:31
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JAKARTA (Thomson Financial) - The government will appeal the Jakarta commercial court's bankruptcy ruling on state-owned aircraft maker PT Dirgantara Indonesia to the Supreme Court, State Enterprise Minister Sofyan Djalil said.'Dirgantara Indonesia's performance has shown signs of improvement. So we will seek to overturn the (commercial court's) decision by appealing to the Supreme Court,' Djalil told reporters late yesterday.The Jakarta commercial court issued its ruling yesterday after some of the aircraft maker's dismissed workers filed a petition to have Dirgantara declared bankrupt in a bid to extract retirement funds.The company assembles several types of helicopters and produces aircraft in cooperation with Spanish manufacturer EADS CASA, a unit of European Aeronautic Defense and Space Co.Dirgantara also produces aircraft components under a contract with Airbus until 2011.Dirgantara was among the biggest debtors of the now-defunct Indonesian Banking Restructuring Agency (IBRA). Following IBRA's dissolution in 2003, supervision of Dirgantara was transferred to PT Perusahaan Pengelola Aset (PPA), the government's asset management firm.(1 US dollar = 9,398 rupiah)roffie.kurniawan@thomson.comrk/zrhkp/zrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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