Of its 85 concurrent creditors, only four rejected a peaceful resolution, while only the Finance Ministry among its three separatist creditors opposed a peaceful resolution, said Arifin Sulaiman, an official assigned to manage the Merpati PKPU.

“The Finance Ministry has the largest credit, so the 'yes' voters lost the vote,” said Arifin as quoted by kontan.co.id.

Merpati has total debts of Rp 10.95 trillion (US$720.73 million): Rp 1.09 trillion owed to preferential creditors, Rp 5.99 trillion to concurrent creditors and Rp 3.87 trillion to separatist creditors.

Merpati owes Rp 2.66 trillion to the Finance Ministry, or 68.73 percent of the amount it owes to its separatist creditors. A peaceful settlement could be possible if it was supported by at least 51 percent of the separatist creditors.

Arifin said that the voting result had not made any significant impact, because the court would issue the final decision.

"The judicial panel will decide whether to declare Merpati bankrupt or to approve a peaceful resolution,” he said, adding that the court would issue its decision on Friday.

Meanwhile, Finance Minister Sri Mulyani declined to comment on the ministry’s stance in the vote. “Actually, I know the answer, but let the director general respond," she said referring to state asset director general Isa Rachmatarwata. "But he is [not here] now, so wait until he returns,” she said. (bbn)

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