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Krakatau Steel aims to finish its debt restructuring by March 2019

21 February 2019 03:43 PM  Company: PT. Krakatau Steel (Persero) Tbk[KRAS]
Rp. 366  -2 (-0.54%)

JAKARTA. PT Krakatau Steel (Persero) is currently restructuring its US$ 2.2 billion debt, which is targeted to be completed by March 2019.

"[Restructuring] is in process. The target is for it to be finished by March [2019], "said Director of Krakatau Steel, Silmy Karim, as quoted by Bisnis.com, Thursday (21/02/2019).

Silmy said the company's total debt that would be restructured was US$ 2.2 billion. However, he has not revealed in detail the scheme that will be taken by the company for the process.

Based on the previous explanation, Silmy said there were several restructuring options that could be taken by the company, including extension, interest negotiation, and debt to equity swap.

The company's financial statement for the third quarter of 2018, showed that the KRAS-coded issuer has a total liability of US$ 2.35 billion. That number is 3.98% higher than US$ 2.26 billion recorded at the end of 2017.

On the other hand, the total equity owned by the state-owned steel producer is US$ 1.67 billion as of 30 September 2018. This value is 10.77% less than US$ 1.85 billion recorded on 31 December 2017.

Meanwhile, KRAS decreased its losses by 51.18% on an annual basis in the third quarter of 2018. The total net loss suffered by the company fell from US$ 75.05 million in the third quarter of 2017 to US$ 37.78 million in the third quarter of 2018. (AM/AR)

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PT. Krakatau Steel (Persero) Tbk [KRAS]   Rp. 366   -2 (-0.54%)