Debt restructuring of HKMU’s subsidiary has BTPN’s approval
JAKARTA – The proposal of PT HK Metals Utama Tbk (HKMU) regarding the debt restructuring of its subsidiary, PT Karya Bumimas Persada (KBP), is approved by PT Bank BTPN Tbk (BTPN). The said agreement fulfils the request of non-corporate guarantee policy for the credit of PT Dantool Karya Teknik Utama (DKTU) after its entire shares transfer to PT Jaya Handal Wahana (JHW).
“The cash flow of the company will improve, and the corporate guarantee given by the company would be exclusively intended for subsidiaries, which could hopefully maintain business sustainability,” Judi Pujiyono, Corporate Secretary of HK Metals Utama, stated in the information disclosure quoted Wednesday (11/5).
According to Pujiyono, the KBP’s debt restructuring scheme requests for an extended credit tenor to 24 months, due in May 2024. It also asks to alter the credit facility structure, eliminate the cross-collateral and cross-default clauses stated earlier in the loan agreement.
As of December 2021, KBP recorded current assets of IDR 21.13 billion, non-current assets of IDR 42.05 billion, short-term liabilities of IDR 54 billion, long-term liabilities of IDR 4.02 billion, and total equity of IDR 5.15 billion. (LK/ZH)