Moratorium::PBI Announcement - Application For Moratorium

Issuer & Securities

Issuer/ Manager
PB INTERNATIONAL B.V.
Securities
PB INTL USD200M7.625%N220126 - XS1555631925 - 68AB
Stapled Security
No

Announcement Details

Announcement Title
Moratorium
Date &Time of Broadcast
04-Jun-2021 15:40:38
Status
New
Announcement Sub Title
PBI Announcement - Application For Moratorium
Announcement Reference
SG210604OTHRN73A
Submitted By (Co./ Ind. Name)
Hudya Indah Panggita
Designation
Corporate Secretary
Effective Date and Time of the event
04/06/2021 15:38:00
Description (Please provide a detailed description of the event in the box below-Refer to the Online help for the format)
USD200,000,000 7.625% Guaranteed Senior Notes due 2022 (ISIN No. XS1555631925) issued by PB International B.V. ("PB International") pursuant to the indenture dated 26 January 2017 (the "Notes")

On 24 May 2021, a Penundaan Kewajiban Pembayaran Utang ("PKPU") or suspension of payments application was made against PT Pan Brothers Tbk ("Pan Brothers"), the parent company of PB International, in the Central Jakarta Commercial Court by PT Bank Maybank Indonesia Tbk ("Maybank Indonesia"). The Central Jakarta Commercial Court has scheduled a hearing on 8 June 2021 for Maybank Indonesia s application to enter Pan Brothers into a restructuring process.

In response to the PKPU application and in line with Pan Brother's intention to propose a scheme of arrangement between Pan Brothers and its subsidiaries (which include PB International) and their creditors (which include the holders of the Notes) in Singapore, Pan Brothers filed an application in the Singapore High Court for a moratorium under Section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (the IRDA ) in case number HC/OS 551/2021 ( OS 551 ) on 1 June 2021 (the Moratorium Application ). Further, Pan Brothers has also filed various applications under Section 65 of the IRDA (the "Subsidiaries' OS") on 1 June 2021 for a moratorium in support of Pan Brothers proposed restructuring. Under OS 551 and the Subsidiaries' OS, Pan Brothers is also seeking that the moratorium apply to any person in Singapore or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere.

An automatic moratorium period commences upon the filing of the Moratorium Application and ends on either a date that is 30 days after the date on which the Moratorium is made or the date on which the Moratorium Application is decided by the Court, whichever is earlier.

Attachments

PBI Application for Moratorium 4 June 2021.pdf
Total size =109K