Receh.in - State-Owned Construction Company PT Waskita Karya (Persero) Tbk (WSKT) has been hit with another Payment Suspension Request (PKPU) lawsuit from PT Megah Bangun Baja Semesta, a construction vendor.
According to the Indonesian Stock Exchange (IDX) disclosure statement released on Tuesday (21/2), the lawsuit was received by the management on February 17, 2023, and is related to a debt of IDR 2.93 billion.
PT Megah Bangun Baja Semesta is one of the vendors involved in the construction project for the Minangkabau International Airport terminal, Depati Amir Airport Terminal I, and the renovation of the Waskita Rajawali Tower.
The PKPU application was registered at the Commercial Court in the Central Jakarta District Court under case number 38/Pdt.Sus-PKPU/2023/PN Niaga Jkt.Pst, and the first trial on the matter is scheduled for Tuesday, February 21, 2023.
The PKPU lawsuit was filed while Waskita's stock trading was temporarily halted (suspended) by the IDX as the company postponed the payment of the 15th interest on the ongoing Waskita Karya III Bond Phase IV, 2019 Series B.
Waskita is currently restructuring to improve its financial performance. As a result, the company has changed some of its bond repayment schedules, including the Waskita Karya III Bond Phase II, 2018 Series B, which was originally due on February 23, 2023, but has now been moved to June 16, 2023.
Furthermore, through the decision of the Waskita Karya III Continuous Bondholders Meeting, Phase III, 2018, dated February 17, 2023, bondholders agreed to changes in the schedule and period for paying interest on the Waskita Karya III Bond Phase III, 2018, Series B. The 18th payment, which was originally due on March 28, 2023, has now been rescheduled to June 28, 2023.
In addition, through the decision of the Waskita Karya III Continuous Bondholders Meeting, Phase IV, 2019, dated February 17, 2023, bondholders have agreed to changes in the schedule and period for paying interest on the Waskita Karya III Bond Phase IV, 2019, Series B.
Previously, the IDX halted the trading of the company's bonds and sukuk on all markets. The trading halt came into effect from the first trading session on February 16, 2022, after the company postponed the payment of the 15th interest on the ongoing Waskita Karya III Bond Phase IV, 2019, Series B.
The payment schedule for the 15th and 16th interest payments, originally due on February 16, 2023, and May 16, 2023, respectively, has now been changed to August 16, 2023.
The company clarified that the PKPU lawsuit does not affect its business activities, both operationally and financially. The decision to postpone the interest and/or principal payments was made to ensure that there is enough funds or cash preservation that can be used as operational working capital for the company, so that the core business activities of the company can continue to run smoothly.
The delay was requested equally between bondholders and lenders to allow the company to comprehensively review the implementation of the Master Restructuring Agreement.
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