Eterindo Wahanatama submitted a debt restructuring proposal to BNI
JAKARTA – PT Eterindo Wahanatama Tbk (ETWA) plans to restructure its credit facilities to PT Bank Negara Indonesia (Persero) Tbk (BBNI) following the finalisation of another debt restructuring to PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). Corporate Secretary of Eterindo Wahanatama, Azwar Alinuddin, announced the action in the press release, quoted Friday (15/10).
“It had completed the final discussion. The only thing left to do is waiting for the credit agreement signing, envisioned to be concluded this October,” Alinuddin revealed.
According to Alinuddin, another bank debt restructuring had been completed back in June 2021.
As of June 2021, ETWA recorded a credit facility from BNI in the form of a working capital facility of IDR 20 billion at most to take over short-term debts owed to PT Bank J Trust Indonesia Tbk (BCIC). In addition, there were also working capital credit (KMK) I and II of IDR 10 billion and IDR 70 billion each with an interest rate of 13% per year.
Comparing to October 28, 2019, these facilities had been altered. Initially, the working capital facility amounted to IDR 20 billion with an annual 9% interest rate, comprising an effective 5% and another 4% adjourned until April 30, 2021. Then, the KMK facility, worth IDR 10 billion, has an annual interest rate of 9% that was due April 30, 2021. There was also a term loan of IDR 34.55 billion with a 9% interest rate per year, with principal installments scheduled for April 2021 of IDR 5 billion, September 2021 of IDR 4 billion, and October 2021 of IDR 9 billion.
Moreover, there were still the unpaid Domestic Letter of Credit (SKBDN) of IDR 17.32 billion, income tax (PPh) debt settlement agreement of IDR 1.34 billion, maturing in April 2022, and tax income settlement agreement of IDR 416.26 million. (LK/ZH)