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Bisnis Indonesia - BUMN Karya: Babak Baru Restrukturisasi Utang WSKT
26 February 2024
By Dionisio Damara
Bisnis, Jakarta – PT Waskita Karya (Persero) Tbk (WSKT) has received approval from its creditors that have principally agreed to the debt restructuring scheme proposed by the construction state-owned enterprise (SOE).
For one, WSKT's General Meeting of Bondholders has approved the restructuring scheme aimed at resolving both the principal loans and the non-guaranteed bond interest.
Waskita Karya President Director Hanugroho emphasised that gaining approval for the restructuring scheme marked a significant achievement. This step is crucial for revitalising Waskita's financial condition, allowing for optimal cash flow management and fostering a more sustainable operational cycle.
“Our proposed [restructuring scheme] is the best option from the company to settle Waskita’s obligations to all creditors, including banks, bondholders, and vendors,” Hanugroho said in his official statement on Friday (23/2).
In line with the approval of bondholders, all banking creditors have also principally endorsed the proposed restructuring scheme for Waskita's bank loans.
Waskita conducted the meeting in Jakarta from 21 to 22 February 2024. The outcome was the General Meeting of Shareholders granted approval for Continuous Bond III Phase III Year 2018 with a 77.91% approval rate and Continuous Bond IV Phase I Year 2020 with a 92.38% approval rate.
Additionally, Continuous Bond III Phase II Year 2018 achieved an approval rate of 79.19%. It's worth noting that the minimum approval rate required is 75% of the RUPO attendance.
Hanugroho said that the approval of bondholders was one of the necessary steps for WSKT’s restructuring.
“We hope to reach a better agreement between Waskita and the bondholders,” he said.
WSKT noted that the value of the master restructuring agreement (MRA) proposed to the bank creditors and non-guarantee bondholders reached Rp41 trillion.
