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Bloomberg Published December 19, 2024 Reading time
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Indonesia’s apparel maker PT Pan Brothers avoided bankruptcy after it secured creditors’ approval to restructure 8.6 trillion rupiah ($537 million of debt).
More than 90% of the creditors gave their nod on the company’s latest debt proposal, according to Khusaini, a judge at Indonesia’s Jakarta court, after a voting on Wednesday. “The result will be formalized in a consultative meeting on December 23,” Khusaini, who goes by one name, said.
The decision is a lifeline for Pan Brothers that employs around 27,000 workers in one of Indonesia’s biggest manufacturing segments and as the government has vowed to save jobs in the struggling sector.
