Sekar Group’s Restructure Process is Very Slow
www.kompas.com, 2003-01-17
Group Sekar allocated Rp.2.33 trillion of stagnant credit to the National Banking Restructure Board (BPPN). The allocated credit originated from eight companies (PT Bukit Welirang Indah, PT Pancashindu Abadi, PT Sekar Bumi Tbk, PT Alamiah Sari, PT Sekar Internasional, PT Sekar Laut Tbk., PT Pangan Lestari, PT Sekar Alam) owned by the group. Although the eight companies have signed a letter of commitment (LoC), BPPN regarded that Sekar Group’s restructure process was going too slow. The slow process is because the management chose to take care of the process themselves instead of leaving it to more experienced party.