PT Bakrie — Building a Record for Application of Comity

Our prior post addressed the Bankruptcy Court’s ruling in In re PT Bakrie Telecom TBK (2021 WL 1439953) regarding the “collective” nature of the foreign debtor’s Penundaan Kewajiban Pembayaran Utang (or Suspension of Debt Payment Obligations) proceeding. Judge Lane determined that the debtor’s PKPU proceeding in Indonesia was collective and recognized it as a foreign main proceeding. Please refer to that post for the meanings of all capitalized terms used but not defined herein.

In connection with recognition, PT Bakrie’s foreign representative sought an order from the Bankruptcy Court enforcing its Indonesian PKPU Plan. Continue reading “PT Bakrie — Building a Record for Application of Comity”

PT Bakrie Telecom — The Nature of Collective Proceedings

In the recent opinion In re PT Bakrie Telecom TBK, 2021 WL 1439953, the Bankruptcy Court for the Southern District of New York provided some further guidance on what constitutes a “collective proceeding” for purposes of achieving recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code. This post will address the collective nature of the proceeding at issue. In a future post we will address other important elements of Judge Lane’s decision. Continue reading “PT Bakrie Telecom — The Nature of Collective Proceedings”