Our Febri Rachmatullah acted as a member of the administrators team in the court-assisted debt restructuring (PKPU) of PT Multi Karya Utama Abadi, a developer of a smart-apartment in Bandung, Indonesia. The apartment was developed on a land owned by the group of PT Telkom (Persero) Tbk (the biggest Indonesian SOE in telecommunication sector).
The restructuring proceeding was successful and resulted in a court ratification/homologation for the composition plan approved by around 85% of the creditors of PT Multi Karya Utama Abadi. The PKPU case was quite challenging as it involved dealing with more than 400 creditors and debts totalling around US$32 million in a tight timeline (ie only around 6 months since the start of the proceeding).