JAKARTA – PT Waskita Beton Precast Tbk (WBSP) faces a suspension of debt payment (lit. Penundaan Kewajiban Pembayaran Utang/PKPU) claim. It is filed by three of its vendors in the Commercial Court of Central Jakarta over a debt amounting to IDR 24.4 billion.
Muhamad Nur Sodiq, the Acting Corporate Secretary of WSBP, explains that his company is intensively communicating with the plaintiffs. “The PKPU lawsuit is due to the company’s limited liquidity needed to pay off its debt,” Sodiq confirms in the information disclosure, quoted Friday (11/6).
According to Sodiq, WSBP is committed to implementing the corporation administration accordingly, following the legal processes as the law states.
WSBP owes three of its vendors, including PT Honindo Pratama Mandiri of IDR 19.9 billion, PT Sinar Mutiara Sempurna of IDR 4.5 billion, and PT Samudera Jaya. However, the debt to Samudera Jaya had been paid off by the company.
The company is working on debt restructuring by loosening up debt interest, negotiating, and scheduling payments to the vendors. Additionally, it is looking for alternative financing methods to cover maturing debts to prevent facing another PKPU lawsuit in the future. “[We] are fixing debt administration and strengthening negotiation to the providers regarding the payment of projects and other bills that are delayed due to the COVID-19,” Sodiq adds.
As of December 2020, WSBP owned assets of IDR 10.6 trillion, with a debt of IDR 1.8 trillion to its vendors. “To pay for the IDR 24.4 billion obligations, the payment schedule only needs to be agreed upon,” Sodiq concludes. (LK/ZH)