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IFC loses bankruptcy battle with POF.

Jakarta Post

| January 31, 2001 | COPYRIGHT 1999 PT Bina Media Tenggara. (Hide copyright information)Copyright

JAKARTA (JP): The International Finance Corporation (IFC), the commercial financing arm of the World Bank, lost its legal battle with publicly listed PT Panca Overseas Finance (POF) when a commercial court rejected its bankruptcy petition on Tuesday.

The Central Jakarta Commercial Court approved a vote by POF's creditors to accept the company's debt restructuring proposal.

Syamsudin Manan Sinaga, the chief judge at the court, ruled in favor of Panca, saying the court's priority was to seek a win-win solution for creditors and debtors.

IFC legal representative Luhut Pangaribuan criticized the court for ignoring IFC's suspicion that fictitious …

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