A Jakarta court has given Indonesian telecom operator, PT Bakrie Telecom Tbk, part of a heavily indebted conglomerate, a period of 30 days to negotiate a restructuring plan with its creditors.
The commercial court judge made the decision on Monday, Bakrie Telecom said in a stock exchange filing late on Wednesday.
One of Bakrie Telecom's local vendors, PT Netwave Multi Media, last month requested a court-supervised debt restructuring process in Jakarta. Bakrie Telecom owes Netwave 4.7 billion rupiah ($385,403).
"Based on the court decision, Bakrie Telecom was given 30 days to negotiate its restructuring plan with all its creditors, not just Netwave. The deadline is Dec. 9," Sandra Nangoy, a lawyer for Netwave, told Reuters on Thursday.
Three bondholders sued Bakrie Telecom in a New York court in September, saying it and its subsidiaries had missed two interest payments on a $380-million bond and had indicated they would continue to default on obligations.
It is unclear how the Jakarta court decision will affect the New York lawsuit.
Shares of Bakrie Telecom have been suspended since Oct. 29. The firm is part of Indonesia's Bakrie Group, which is facing increasingly impatient creditors.