Ade Sudrajat, Chairman-Advisory board, Indonesian Textile Association (API) believes has urged for temporary suspension of lawsuit for Postponement of Debt Payment Obligations (PKPU) against PT Pan Brothers Tbk (PBRX). Postponement can give the textile and garment industry time to recover. He emphasized companies like Pan Brothers need special attention from the government.

Sudrajat also believes the export market orientation will recover in 2022 as the American, European and Japanese markets are expected to recover soon. The rising employment opportunities in these countries will help increase consumers’ buying power, he adds. On the other hand, recover in the domestic market might not be as fast as the export market because it is still facing various obstacles. He estimates the domestic market will grow significantly in 2023.

As per an Indo Textiles report, the PKPU lawsuit against PBRX was filed by Maybank Indonesia. Maybank, in its petition, asked the panel of judges to grant a number of requests including granting PKPU to Pan Brothers (PBRX); setting PBRX in PKPU status for 45 days from the date the decision is pronounced; appointing a Supervisory Judge from the Commercial Judges at the Commercial Court at the Central Jakarta District Court to oversee the process of Postponing the Debt Payment Obligation (PKPU) of PT Pan Brothers TBK; appointing Ray Winata, Joel Baner Hendrik Toendan, David Togap Marsaor as the Pan Brothers PKPU management team and ordering the management team to summon Pan Brothers and creditors known by registered mail or by courier, to appear in court.