98.4% of Creditors Agree on Restructuring, Recovery of Waskita Karya Can Begin

As many as 98.4% of PT Waskita Karya (Persero) Tbk’s creditors are known to have approved the restructuring scheme and the remainder is in process. It is believed that this approval will immediately pave the way for the restoration of the BUMN works.

It is known that Waskita Karya has an outstanding bank debt value in the master restructuring agreement (MRA) reaching IDR 26.02 trillion. BUMN observer from the University of Indonesia (UI) Toto Pranoto said that restructuring approval by creditors was important to carry out the strategy and start an action plan for future business recovery.

“Management’s focus can be more towards the restructuring that will be carried out and the completion of ongoing projects, as well as strategic steps such as business portfolio focus plans, as well as other corporate action plans in order to improve performance,” said Toto when contacted, Sunday (4 /2/2024).

According to him, the government has tried extra hard to save Waskita Karya. This is because the role of BUMN is considered strategic, especially to complete various projects, including the National Strategic Project (PSN).

The same thing was expressed by WSKT SVP Corporate Secretary Ermy Puspa Yunita. He said that restructuring approval was an important point because after that phase, this BUMN Karya had the ability to manage cash flow to produce a sustainable operational cycle.

“Apart from that, it can help the company complete its obligations to all creditors, including banks, bond holders and vendors,” he said.

The government also continues to support Waskita Karya’s restructuring efforts through State Capital Inclusion (PMN) and construction support for the completion of work on the Bogor-Ciawi-Sukabumi, Kayu Agung-Kapal Betung and Bekasi-Cawang-Kampung Melayu toll roads.

For information, PT Sarana Multi Infrastruktur (Persero) (PT SMI) has officially acquired 25% of the shares of PT Waskita Toll Road (PT WTR), a subsidiary of PT Waskita Karya Tbk (WSKT), in PT Trans Jabar Tol (PT TJT). The entry of PT SMI as a shareholder of PT TJT aims to accelerate the completion of the next construction of the Bocimi Toll Road, namely the 13.7 km long Cibadak-Sukabumi Barat section.

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