Deputy Minister Of SOEs: Waskita Karya's Debt Negotiations To The Bank Are 85 Percent

Financial illustration (Photo: Antara)

JAKARTA - The Ministry of State-Owned Enterprises (BUMN) is targeting the debt restructuring of PT Waskita Karya (Persero) Tbk to the banking sector to be completed this month. Currently, negotiations have been running 85 percent.

Deputy Minister of State-Owned Enterprises Kartika Wirjoatmodjo said debt restructuring to banks, bond holders, and vendors was the main focus of PT Waskita Karya. He said the negotiation process to date was going well.

"Waskita is currently negotiating with the bank. The bank is almost all quite supportive of Waskita's restructuring. Because there are quite a lot of bonds, also with vendors, we continue to discuss so that there are no PKPUs," he told reporters, in Jakarta, Tuesday, August 22.

Tiko, Kartika's nickname, said that the Ministry of SOEs has set a target for Waskita Karya's restructuring to be completed this month.

"We should have finished this August, no later than November. If yesterday's bank I checked with the team 85 percent, it was quite agreed with the current scheme," he said.

The next step, said Tiko, Waskita Karya will negotiate with bond holders and vendors. He hopes that the outcome of the negotiations can find the best formula to settle Waskita's obligations.

"Hopefully we can win a win solution to everyone, because this is a tough condition, and we are all out in the government," he said.

Tiko said the government is also fully committed to supporting Waskita Karya's restructuring by providing state capital participation (PMN) and the assignment of a national strategic project (PSN) to pay off the debt of the state-owned company.

"We have promised that later Waskita will provide support through Hutama Karya to complete the toll roads. Of course that is our mechanism to pay part of the receivables in Waskita as well and later we will agree that waskita will become a subsidiary of Hutama Karya after the restructuring is complete," he said.