JAKARTA. State-owned property and construction firm PT Waskita Karya (Persero) Tbk (WSKT) has announced debt restructuring effort to improve its financial condition amid the coronavirus (COVID-19) pandemic.
According to Waskita Karya CFO Taufik Hendra Kusuma, the company is currently trying to fix debt mismatch with the assitance of a number of independent consultants.
So far, Mr Kusuma said, Waskita Karya is considering several options to support its restructuring effort, including divestment of subsidiaries and bond issuances.
"Currently the company's restructuring effort is still being discussed, and it is expected that the final financial restructuring proposal can be presented in January 2021 and agreed on this year," he said in a stock exchange filing.
In addition, Waskita Karya is also proposing for relaxation of its debts from several creditors, including payment relaxation and amendment to financial ratio and loan agreement requirements.
As reported by IDNFinancials.com in November 2020, PT Pemeringkat Efek Indonesia (Pefindo) downgraded Waskita Karya's credit rating from idBBB+ to idBBB due to its weak standalone credit profile and disruption to its operations during the COVID-19 pandemic. (KR/MS)