Jakarta. Indonesia’s communications

Jakarta. Indonesia’s communications ministry has appealed to the country’s Supreme Court against Bakrie Telecom’s debt restructuring, a minister told Reuters on Friday.

Bakrie Telecom, part of the heavily indebted Bakrie Group, held a creditors’ vote last year on its restructuring proposal, which was then validated by a Jakarta court.

The company said that 94.5 percent of its creditors had approved its proposal, but some of its bondholders said they were excluded from the process and were receiving a tiny fraction of their money as a result of the vote.

If the Supreme Court overturns the Jakarta court decision, “the restructuring plan is deemed to have failed and the company is placed into bankruptcy and liquidates,” said Hal Hirsch, a lawyer representing investors who had sued Bakrie Telecom over its $380 million bond in New York.

Liquidation would lead to “a significantly greater return” for the bondholders compared to what they would get if the Jakarta court decision were upheld, Hirsch said.

Bakrie Telecom owes licence and frequency rights fees to the government, which did not get to vote on the restructuring proposal, Rudiantara, Minister of Communication and Information Technology, told Reuters.

“During their restructuring process, we were not informed, we were not involved,” Rudiantara said by telephone. “We request that their debt to the government is not part of the restructuring.”

Joel Hogarth, a partner at Ashurst LLP, who advises Bakrie Telecom, said there was no legal basis under Indonesian law for the ministry to be treated as a preferred creditor and his client was likely to contest it.

Bakrie Telecom owes Rp 1.2 trillion ($90 million) to the Indonesian government, Hogarth said.

“If the ministry of communications is successful, it would reopen the debt restructuring. But as far as I can tell, I don’t see any legal ground for the petition at the moment,” he said.

Hasil (Inggris) 2:

Jakarta. Indonesia's communications ministry HAS appealed to the country's Supreme Court against Bakrie Telecom's debt restructuring, a minister Told Reuters on Friday. Bakrie Telecom share of the Heavily Indebted Bakrie Group or held-to Creditors' vote last year on icts restructuring proposal, qui Was Then validated by a Jakarta court. The company Said That 94.5 percent of Creditors HAD icts approved proposal icts, icts goal Reviews some of bondholders Said They Were excluded from the process and receiving send a tiny fraction Were of Their money as a result of the vote. If the Supreme Court overturns the Jakarta court decision, "the restructuring scheme is deemed to-have failed and the company is Placed into bankruptcy and liquidates," Said Hal Hirsch, a lawyer Representing Investors Who HAD sued Bakrie Telecom over icts $ 380 million bond in New York. Liquidation Would lead to "a Significantly Greater return" for the bondholders Compared To What They Would get if the Jakarta court decision upheld Were, Hirsch said. Bakrie Telecom owes license and frequency rights fees to the government, qui About did not get to vote on the restructuring proposal, Rudiantara, Minister of Communication and Information Technology, Told Reuters. "During Their restructuring process, We Were not Informed, Involved We Were not," Said Rudiantara by phone. "We request That Their debt to the government is not share of the restructuring." Joel Hogarth, a partner at Ashurst LLP, Who Advises Bakrie Telecom, Said There Was no legal basis under Indonesian law for the ministry to be Treated as a preferred creditor and his customer Was Likely to contest it. Bakrie Telecom owes Rp 1.2 trillion ($ 90 million) to the Indonesian government, Hogarth said. "If the ministry of communications is successful, It Would reopen the debt restructuring. Aim as far as I can tell, I do not see Any legal ground for the petition at the moment, "he said.

Hasil (Inggris) 3:

Jakarta. Indonesia's communications ministry has appealed to the country's Supreme Court against Bakrie Telecom's debt restructuring, a minister told Reuters on Friday.

Bakrie Telecom, part of the heavily indebted Bakrie Group, held a creditors' vote last year on its restructuring proposal, which was then validated by a Jakarta court.

The company said that 94.5 Percent of its creditors had approved its proposal, purpose some of its bondholders said they were excluded from the process and were receiving a tiny fraction of their money as a result of the vote.

If the Supreme Court overturns the Jakarta short decision, "the restructuring plan is deemed" should tb have failed and the company is placed into bankruptcy and liquidates," said Hal Hirsch,A lawyer representing investors who had sued Bakrie Telecom over its $380 million bond in New York.

Liquidation would lead to "a significantly greater return" for the bondholders compared to what they would get if the Jakarta short decision were admises, Hirsch said.

Bakrie Telecom owes license and frequency rights fees to the government,Which did not get to vote on the restructuring proposal, Rudiantara, Minister of Communication and Information Technology, told Reuters.

"During their restructuring process, we were not informed, we were not involved," Rudiantara said by phone. "We request that their debt to the government is not part of the restructuring. "

Joel Hogarth, a partner at Ashurst LLP,WHO advises Bakrie Telecom, said there was no legal basis under Indonesian law for the ministry to be treated as a preferred creditor and his client was likely to contest it.

Bakrie Telecom owes Rp 1.2 trillion ( $90 million) to the Indonesian government, Hogarth said.

"If the ministry of communications is successful, it would reopen the debt restructuring. Purpose as far as I can tell,I don't see any legal ground for the petition at the time," he said.