PT Pan Brothers foreign representative eyes Chapter 15 case closure

By Sarah Lizee

Olympia, Wash., July 25 – PT Pan Brothers Tbk.’s foreign representative is seeking closure of the company’s Chapter 15 bankruptcy case, according to court documents filed with the U.S. Bankruptcy Court Southern District of New York.

As previously reported, in March, the company gained U.S. court recognition of its foreign scheme proceedings in Singapore.

The scheme relates to holders of PB International BV’s $200 million 7 5/8% senior notes due 2022 (ISIN: XS1555631925) and a revolving credit facility of up to $150 million.

According to court documents, the key objectives of the scheme are to adjust the ongoing interest payments under the existing facilities to a more manageable level to align with the latest forecast cash flows of the group; extend the maturity date of the existing notes and facilities to allow the debtor more time to repay holders; and allow the group to continue carrying on its business as a going concern.

The scheme was implemented on June 30.

A hearing on the case closure is scheduled for Aug. 4.

The apparel manufacturer is based in Indonesia. The company filed Chapter 15 bankruptcy on Feb. 4 under case number 22-10136.

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