JAKARTA. PT Trikomsel Oke Tbk (TRIO) is renegotiating with banks for debt repayments, following the homologation of Suspension of Debt Payment Obligation (PKPU).
President Director of TRIO, Sugiono Wiyono Sugialam, said that the negotiations are still ongoing. "The discussion is quite dynamic, until now we are still having more discussions," he said in a public presentation by TRIO on Friday (21/6).
The renegotiation was proposed on 23 January 2019, but until now, no approval has been obtained. Previously, TRIO was required to pay mandatory installments to separatist creditors (banks) starting from 1 January 2018. However, with its current state, it is not possible for the company to pay off debts. "So, indeed there must be a transfer of funds which would be used to pay debts to be used for business continuity," Sugiono added.
The negotiations were carried out by almost all of TRIO banking creditors, totaling seven banks. Those are Bank Mandiri, BTN Bank, Deutsche Bank Jakarta, Standard Chartered Bank Jakarta, Standard Chartered Bank Singapore, ANZ Indonesia Bank, and BCA Bank. TRIO's total debt to 7 banks is valued at Rp. 3.11 trillion.
TRIO also has a loan principal and interest that was due on 31 December 2018 of Rp 83 billion and Rp 4.5 billion respectively. But until this month, the company has not paid them yet.
In fact, in its financial statements, TRIO also claimed to not have the ability to pay off its debts. This condition raises substantial doubts about the company's ability to maintain its business. (AM/AR)