Jakarta. So far , PT. Krakatau Steel (KRAS) has completed 78% of the restructuring process and the process is expected to be completed by the end of this year. This was stated by the President Director of KRAS, Silmy Hakim, as quoted from Kontan, on Monday (4/11).
Total debt that needs to be restructured reaches US$ 2.2 billion or equal to IDR 30.8 trillion. The restructuring process including extending the tenor of the company’s short-term debt to 9 years and reducing the interest rate to 1%.
Meanwhile, Silmy said, the transformation will only be felt in the first quarter of next year, since KRAS has fixed the company’s fundamentals, not just external appearances.
Source: IDN Financials | 5 November 2019
Krakatau Steel’s debt restructuring is expected to be completed by the end of the year
AntonioCOATH
This is the largest debt restructuring in Indonesia, according to Silmy Karim, President Director of KRAS. “When this is finished, KRAS can finally has the space to be able to reorganize its management, production, to improve KRAS’ performance,” Karim explained. For the restructuring, KRAS has requested for the tenor of the debt to be extended to 10 years.