(Bloomberg) — Indonesia’s apparel maker PT Pan Brothers avoided bankruptcy after it secured creditors’ approval to restructure 8.6 trillion rupiah ($537 million of debt).
More than 90% of the creditors gave their nod on the company’s latest debt proposal, according to Khusaini, a judge at Indonesia’s Jakarta court, after a voting on Wednesday. “The result will be formalized in a consultative meeting on December 23,” Khusaini, who goes by one name, said.
The decision is a lifeline for Pan Brothers that employs around 27,000 workers in one of Indonesia’s biggest manufacturing segments and as the government has vowed to save jobs in the struggling sector.
Representative for Pan Brothers declined to comment on the votes as the…
