Jakarta, CNBC Indonesia – A total of five creditor banks approved the restructuring of BUMN loans by PT Waskita Karya Tbk (WSKT) with outstanding worth IDR 19.3 trillion.
This value reached 65% of Waskita’s total loan which reached Rp 29.26 trillion from all of its creditors. However, details have not been disclosed regarding the changes in interest rates and tenors for these loans.
The five banks include PT Bank Negara Indonesia (Persero) Tbk (BBNI), PT Bank Mandiri (Persero) Tbk (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Bank Syariah Indonesia Tbk (BRIS) and PT BPD West Java and Banten Tbk (BJBR).
Waskita and its five creditors have signed the Principal Agreement on Business Transformation and Financial Restructuring which is part of the restructuring agreement.
Minister of State-Owned Enterprises (BUMN) Erick Thohir said currently there are still 35% of loans that still need to be restructured. He hopes that the process can be a driving force for the company’s recovery.
“I appreciate the commitment of the five creditors and the management of Waskita Karya. The 65% restructuring is a trust that should not be wasted. Although there is still another 35% that needs to be fought for, this is a catalyst to accelerate Waskita Karya’s recovery both financially and business. confidence and optimism from other creditors, and partners,” said Erick in a press release, Friday (16/7/2021).
Not only with restructuring, but the recovery and restructuring of the company must also be continued by improving the GCG foundation, carrying out massive efficiency and transformation, refocusing, and carrying out the necessary asset divestment.
In line with that, Waskita Karya President Director Destiawan Soewardjono said the agreement with the five creditors would be a momentum and a very good new beginning for the improvement of Waskita’s financial condition and operational performance.
“We hope that other creditors can also immediately agree and support the restructuring process of Waskita. We hope that the implementation of this agreement can be implemented immediately,” he explained.
Meanwhile, BNI President Director Royke Tumilaar revealed the importance of restructuring for the infrastructure sector. Especially to support the company’s business transformation process, which carries out many strategic national infrastructure projects.
Furthermore, Bank Mandiri President Director Darmawan Junaidi said that this agreement is a realization of Bank Mandiri’s commitment with Himbara to support Waskita Karya’s needs, and to keep the construction sector ecosystem conducive to accelerating national infrastructure development.
The same thing was conveyed by the President Director of BRI Sunarso who revealed that this agreement could be a positive momentum and needed to be done so that Waskita Karya could continue its operations without any burdens that could hinder its business and financial transformation.
“This is a form of commitment with national banks so that Waskita Karya can continue to carry out business development activities and complete national development projects. So that our economy can develop in a much better direction,” said Hery Gunardi, President Director of Bank Syariah Indonesia.
Director of Commercial and MSME Bank BJB Nancy Adistyasari revealed, Bank BJB has agreed on the points in the restructuring that will be carried out through the signing of the Main Agreement on Business Transformation and Financial Restructuring of Waskita Karya with other creditors.
Thus, it is hoped that this step will help Waskita in restoring its financial condition.
The efforts to restore Waskita Karya’s business conditions emerged in line with the pressure experienced by the company since last year.
This pressure is due to the decline in performance and revenue of the construction business due to the Covid-19 pandemic, funding difficulties experienced by several jobs, delays in payment of several projects, as well as the ongoing toll road asset divestment process.
To overcome this condition, the government through the Ministry of SOEs as the shareholder of Waskita Karya has formed a team for the Acceleration of Restructuring of Waskita Karya.
Then, the company also appointed an independent consultant to help escort the company to carry out Business Transformation, Financial Transformation, and legal security.
The company is currently conducting a financial transformation by divesting its toll road assets. This step is expected to be able to help the company to recover its financial condition for the better in the future.
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