MODEL USULAN PENYELESAIAN DEBITUR PENGEMBANG BERMASALAH DI BADAN PENYEHATAN PERBANKAN NASIONAL studi kasus perusahaan pengembang PT. ABC

• Main Author: Astono, Widhi
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/1894
• Institution: Institut Teknologi Bandung

<b>ABSTRACK:</br></b><br /> <p align=\"justify\">PT ABC, which business is in the real estate development, has signed a loan agreement with a syndicated banks. Collateral for the facilities were all inventory the company has, i.e. show houses, shop houses, and land banks. In 1998 all of syndicated member banks have been taken over by the Government through IBRA. Problem has arisen because all of the land banks including the unpledged land banks, are administered under blanket certificates lodged in the bank. PT ABC cannot release the free unpledged land before settlement of the main loan, and therefore it has to go through restructuring process. This case study explored some alternatives for problem-debt restructuring especially for real estate developer to be considered in dealing with IBRA. The alternatives are Restructuring, Issuance of Capital Market Securities, Debt to Equity swap, and Debt to Asset swap. A five-year financial projection for each alternative is then developed and analysed using the theory of capital structure, leverage analysis, and some common financial ratios analysis. And to enriched the discussion, some insights on [BRA and incentives on taxation available for company undergoing a restructuring with official government bodies, are also provided. The best alternative is Debt to Asset swap. This favorable solution may be different from one company to another, depending on assumptions, situation and condition of the said company. Hopefully this case study will give some inspiration for real estate developer in dealing with its creditors.