Waskita Karya (WSKT) Receives Approval Regarding Debt Payment Scheme

DEBT RESTRUCTURING -  JAKARTA. PT Waskita Karya Tbk (WSKT) has successfully obtained approval from Bondholders regarding the settlement scheme of principal and non-guaranteed bond interest. 

The approval was obtained in the General Meeting of Bondholders (RUPO) held in Jakarta on February 21-22, 2024. 

In addition, all banking creditors have also in principle agreed to the proposed bank debt restructuring scheme submitted by Waskita.

Waskita Karya's President and Director, Muhammad Hanugroho, expressed his gratitude for the participation of the Bondholders in the process. "The Company is committed to fulfilling the obligations expected by the Bondholders," he said in a press release, as quoted, Sunday (25/2).

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The approval of this restructuring is considered an important step in the recovery of the Company's financial condition. This is expected to optimize cash flow management to maintain better operational continuity.

The results of the RUPO show a fairly high level of approval, with the Continuous Bonds III Phase III of 2018 at 77.91%, Continuous Bonds IV Phase I of 2020 at 92.38%, and Continuous Bonds III Phase II of 2018 at 79.19%. 

This approval exceeds the minimum required, which is 75% of the RUPO attendance quorum.

Next, the Company will carry out strategic steps in accordance with the Trust Agreement and the RUPO decision. The Company's commitment is also seen in the comprehensive and ongoing improvement efforts through the financial recovery program.

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In the context of this restructuring, Waskita has established a financial controller unit to ensure effective financial system control. The implementation of good corporate governance is also a focus, with the establishment of a Construction Risk Management Committee to ensure the financial health of each project.

The Company also continues to strengthen the implementation of good corporate governance as part of efforts to conduct business professionally and with integrity, maintaining public trust.

Currently, Waskita has returned to focusing on its core business as a pure contractor. It is hoped that the projects being run can go smoothly, on time, and have a positive impact on the company's performance.