WSKT - PT. Waskita Karya (Persero) Tbk

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JAKARTA. PT Waskita Karya (Persero) Tbk (WSKT), yet again, failed to pay off principal and interest of its bond worth IDR 1.36 trillion, whose payment is due this Thursday (16/5).

Said financial obligation is a part of Series B of Shelf-Registration Bonds III of WSKT Phase IV Year 2019, with a fixed interest rate of 9.75% per annum and a tenor of 5 years.

Muhammad Hanugroho, President Director of WSKT, in the official statement, confirmed that the company cannot channel the fund to Indonesia Central Securities Depository regarding said principal and interest payment. He further mentioned that the company is still under the process of approval of restructuring of Shelf-Registration Public Offering III Phase IV Year 2019.

“The process has been taking place since 2023,” added Hanugroho.

According to the trust agreement, WSKT could potentially be declared at default or conducting a breach of trust, if this default is not resolved within 14 days after receiving the written warning from the trustee.

“The company can be stated conducting a breach of trust based on the trust agreement, and the trustee, based on its own consideration, is entitled to call for further General Meeting of Bondholders to decide on the follow-up after this breach of trust to the company,” Hanugroho said. (KR/ZH)