HomeNewsVideos

DEAL turns to debt restructuring following its depleting cash

10 August 2021 07:28

JAKARTA – PT Dewata Freightinternational Tbk (DEAL) is applying for debt restructuring for its short-term debts to several creditors regarding the diminishing cash balance by 70.9% in December 2020 compared to December 2019. Director of Dewata Freightinternational, Nur Hasanah, reveals the news in the information disclosure, quoted Tuesday (10/8).

“To fulfil the short-term obligations, the company is submitting requests of restructuring to the leasings, banks, and other financial institutions,” Hasanah confirms.

As of December 2020, DEAL’s cash and cash equivalents amount to IDR 2.73 billion, significantly decreasing by IDR 10.5 billion from IDR 13.31 billion in December 2019. Meanwhile, its total assets reach IDR 115.97 billion, climbing from IDR 110.92 billion. However, the short-term bank debts increase to IDR 88.14 billion from IDR 84.02 billion, while the entire bank debts total IDR 115.16 billion.

Hasanah claims to currently weighing in several strategies to raise its cash balance. They include selling off unproductive fixed assets, more actively asking for outstanding payments, and initiating partnerships to help with the company’s projects. “[We also] consider divesting underperforming subsidiaries,” she adds. (LK/ZH)

© 2024 - IDN Financials - All Rights Reserved.