Gunbuster Nickel Industry enters court-supervised debt restructuring
Friday, June 26 2026 - 07:45 AM WIB
Nickel smelter PT Gunbuster Nickel Industry (GNI) has been placed under a temporary court-supervised debt restructuring process after creditors sought a suspension of its debt payment obligations, although the company said it would continue operating normally while pursuing a settlement with lenders.
The Central Jakarta Commercial Court granted GNI temporary Suspension of Debt Payment Obligations (PKPU) status for up to 45 days from June 19, according to the court's ruling in Case No. 140/Pdt.Sus-PKPU/2026/PN.Niaga.Jkt.Pst.
The petition was filed by shipping companies PT Pancaran Karya Shipping and PT Pancaran Maritim Transportindo, which requested the court to suspend GNI's debt repayments while the company negotiates a restructuring with creditors.
The court also appointed a supervisory judge and named Ibnu Setyo Hastomo and Muhammad Lazuardi Hasibuan as court-appointed administrators to oversee the restructuring process.
In a statement on Friday, GNI said it respected the court's decision and would comply with all legal procedures during the PKPU process.
"The PKPU process will continue in accordance with applicable legal procedures and regulations," the company said, adding that it had conducted extensive negotiations and consultations with relevant parties and had consistently acted in good faith in fulfilling its obligations.
The company said the restructuring process would provide a constructive platform for discussions with creditors to develop sustainable solutions to its financial obligations while allowing business operations to continue uninterrupted.
GNI added that it remained committed to transparency, good corporate governance and compliance with Indonesian regulations throughout the restructuring process.
Located in the Stardust Estate Investment Industrial Park in North Morowali, Central Sulawesi, GNI produces nickel pig iron (NPI) and was inaugurated in 2021 by then-President Joko Widodo as part of Indonesia's push to expand domestic nickel processing.
The smelter was previously an indirect subsidiary of Chinese stainless steel producer Jiangsu Delong Nickel Industry, once one of the largest investors in Indonesia's nickel industry. Jiangsu Delong has faced financial difficulties in recent years amid China's economic slowdown and intense competition in the stainless steel sector.
In March, a court in China's Jiangsu province approved the restructuring of Jiangsu Delong and 30 affiliated companies. Under the restructuring plan, Zhejiang Materials Development Co., Ltd., also known as Zheshang Zhongtuo, or its designated entity, will acquire a 75% stake in Delong's indirect 99.84% ownership of GNI.
The PKPU proceedings began in May, with the court holding a series of hearings before issuing its ruling electronically on June 19.
Editing by Reiner Simanjuntak