Two creditors of Davomas, IBRA and the Arab Banking Corporation, have protested the legitimacy of 60 creditors named by the manufacturer, claiming they were fabricated to avoid bankruptcy.
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How can debtors avoid bankruptcy? Just ask PT Davomas Abadi, large-scale producer of chocolate biscuits based in Surabaya. In order to avoid a possible declaration of bankruptcy issued by the Central Jakarta Commercial Court, last Monday Davomas allegedly engineered the names of 60 creditors with claims amounting to US$20.6 million.
The suspect creditors make up more than half of the company’s total creditors and therefore constitute the
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