OBLIGASI KONVERSI SEBAGAI ALTERNATIF PEMBIAYAAN DALAM RESTRUKTURISASI INVESTASI JALAN TOL ( STUDI KASUS `JORR W2' )

• Main Author: Saptaji (NIM : 28198089), Toto
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/5007
• Institution: Institut Teknologi Bandung

<b>Abstract :</b><p align=\"justify\"> <br /> <br /> Economy crisis started from mid 1997 caused toll road projects in preparation stage are terminated. One of the projects was JORR Section W2. It was due to double of the construction cost and difficulties to get financial resources as an impact of the collapsed banking industry. Investment become unfeasible as investment cost increased while toll revenue decreased substantially due to the low traffic volume. <br /> <br /> This study tries to discuss alternate financing structures as an effort to revive the investment opportunities in JORR W2. The chosen alternative is the use of convertible bonds as additional resources to equity. The scheme begins with rescheduling project construction, re-evaluating investment cost and developing alternatives of financing structures using convertible bond. <br /> <br /> The results of analysis show that in addition to huge increases in construction cost, increase in investment cost were also caused by higher interest expenses. This might happen because loan has been partly disbursed in early 1996, especially for land acquisition. Investment cost increase could not merely be counterbalanced by issuing convertible bonds. Another attempt that should be done is haircut of the interest during stagnant period, which is between 1998 to 2000. <br /> In the restructuring, the sponsor company remains the majority shareholder.