Reference is made to the fact that the SEC had instructed EARTH to clarify the information relating to the existence and the fair value of the mining rights of the two coal mines in Indonesia and to disclose the information thereof via the information disclosure system of SET within 60 days from the date on which the Central Bankruptcy Court issued an order for the Planner to perform the valuation of the coal mines, which is 9 October 2018.

However, EY Corporate Advisory Services Ltd., as the Planner of EARTH’s business rehabilitation plan, submitted a letter to the SEC requesting an extension for clarification and submission of information relating to the existence of the mining rights of the coal mines by November 2018, and the report on the results of the review of the fair value of the mining rights of the same coal mines to be by December 2018. An extension from the specified original deadline is due to the actual expenses incurred are far greater than the net total expense limit approved by the Court. As a result, the Planner was required to solve various problems and negotiate with advisors in order for them to continue their services whereby the Planner has currently been able to reach an agreement with the advisors.  

After consideration, the SEC, therefore, extended the deadline for EARTH to clarify the information relating to the existence of the mining rights of two coal mines in Indonesia to be by November 2018; to submit the report on the results of the review of the fair value of the mining rights of the same coal mines to be by December 2018; and to disclose the information thereof via the information disclosure system of SET within the specified period.

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Note: According to SEC News No. 22/2018, the SEC instructed EARTH to clarify information in this case on 16 March 2018, and according to SEC News No. 37/2018, the SEC extended the deadline for EARTH to clarify the information relating to the existence and the fair value of the mining rights.