Texmaco Group's Credit Asset free and clear

The Attorney General's Office (AGO) states Texmaco Group's credit assets are free and clear, making the Assets Management Company able to sell the assets.
However, the AGO's statement contradicts the Central Jakarta Commercial Court ruling saying the secured debt restructuring plan of PT Polysindo Eka Perkasa Tbk will bind separate creditors agreeing to the restructuring plan.
PT Polysindo owes PPA a secured debt worth 28% of the total loan of US$1 billion. In addition, PT Polysindo also owes US$630 million worth of unsecured debt.
President Director of Polysindo Ravi Shankar informed he had received a revised ruling from the Central Jakarta Commercial Court through a letter No 43/Pailit/2004/PN Niaga. Jkt.Pst.Jo. No.01 K/N/2005 Jo. No. 04 PK/N/2005 dated August 19.
According to him, the revised ruling bound all creditors. The homologation ruling is established through letter No 43/Pailit/2004/PN Niaga.Jkt. Pst.Jo. No.01/K/N/2005 dated November 16, 2005.
The Central Jakarta Commercial Court on June 5, 2008 also issued ruling No.43/PAILIT/204/PNIAGA.JKT. PT No.01/N/2005 jo 04/PK/ 2005.
The ruling states the restructuring plan on November 16, 2005 and the secured debt restructuring pan on November 29, 2005 offered by PT Polysindo to concurrent creditors are valid and binds all creditors, concurrent as well as separate creditors.
Based on the ruling, PT Polysindo issues new bonds for BPP and the IBRA (BPPN) reducing debts to PT Bina Prima Perdana (BPP) from US$199.665 million to US$21.428 million and debts to BPPN from US$84.525 million to US$9.071 million.