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Waskita Beton Precast gains creditor approval for debt-restructuring plan
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An employee enters the offices of PT Waskita Beton Precast in Karawang, West Java, on Oct. 3, 2016. (JP/Donny Fernando)
W
askita Beton Precast (WSBP), a subsidiary of state-owned construction firm Waskita Karya, has cleared the path to restructure its Rp 8.8 trillion ($539.7 million) debt after a majority of creditors backed the company’s proposal.
Waskita’s proposal gained more than 95 percent of the vote in a two-day poll at the Central Jakarta District Court, which ended on Monday.
“This is a very important moment for WSBP, because it is the beginning of the restoration of WSBP to become a superior performing company. With this result, WSBP is increasingly ready to continue to contribute to infrastructure development both at home and abroad,” the company stated on its website on Monday.
Read also: Waskita inks deal to restructure $2 billion in loans
In January, WSBP failed to meet a ninth coupon payment on its bonds, prompting the Indonesia Stock Exchange (IDX) to suspend the company’s stock from trading.
WSBP booked a deep net loss of Rp 1.9 trillion in 2021 as its revenue, which mostly comes from precast and readymix concrete and quarrying, as well as construction services, plummeted.
The 2021 loss marked an improvement, however, over a loss of Rp 4.29 trillion in the year before.
