Indonesia Waskita Aims to Sign Restructuring Deal with Banks in April

WASKITA KARYA - JAKARTA. Indonesian construction firm Waskita Karya aims to sign a master restructuring agreement with banks in April this year, CEO Muhammad Hanugroho said on Tuesday.

In a presentation to parliament, the CEO said Waskita's total debts to its creditors as of end-December was 41.2 trillion rupiah, 26.3 trillion of which are bank loans.

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"The discussion with the banks have narrowed to an agreement," the CEO said.

The company has been talking to creditors to restructure its debt, after its finances came under pressure after taking on big government-led infrastructure projects and the impact of the COVID-19 pandemic.