Waskita Beton takes strategic steps to meet remaining CFADS obligations
Restructuring remains a viable option to align obligations with WSBP’s financial capacity.
Jakarta (ANTARA) - PT Waskita Beton Precast Tbk (WSBP) has announced that it is undertaking strategic steps to endeavour to meet its remaining Cash Flow Available for Debt Services (CFADS) obligations.
The Head of the Corporate Secretary Division of WSBP, Fandy Dewanto, stated in Jakarta on Tuesday that these steps include, firstly, ensuring the production process for ongoing contracts continues to support business continuity.
Secondly, the company is engaging in proactive communication with customers to ensure cash inflows from accounts receivable. Thirdly, WSBP is evaluating options for settling receivables with customers, including available and measurable legal measures for overdue accounts. Furthermore, the fourth step involves implementing business expense efficiency programmes.
Fandy ensured that the company continues to take various measures to improve cash flow conditions, enhance operational performance, and accelerate receivable collections to support the settlement of obligations to creditors.
“Specifically for banks and bonds, in accordance with the homologation provisions, WSBP continues to strive to meet obligations to creditors no later than the next 90 (ninety) days,” said Fandy.
Additionally, he continued, the company is maintaining intensive communication with creditors and is working towards settling outstanding obligations within 90 days as per the homologation provisions. The company is also actively coordinating with its holding company to address the situation, where the holding company plays a role through operational support, new contracts, and the disbursement of receivables.
“WSBP is currently reviewing the company’s liquidity capacity both now and in the future. Restructuring is an option that can be undertaken to adjust obligations to WSBP’s financial capacity,” said Fandy.
Fandy explained that if the company fails to settle interest payments by 25 December 2026, it faces the potential for cancellation requests from Bondholders or Banking Creditors. “However, the company remains committed to fulfilling obligations under the terms of the Homologation Agreement,” Fandy added.
While remaining subject to the provisions of the Composition Agreement and the Bond Trustee Agreement for Waskita Beton Precast I & II, the company will endeavour to ensure the availability of CFADS for the payment of Waskita Beton Precast I & II Bond Coupons within a period of no more than 90 days.
Currently, the company is in the process of fulfilling production to supply precast concrete and ready-mix products to various projects, including the Kayu Agung Palembang-Betung Toll Road Project, and the Bogor Ciawi-Sukabumi Toll Road Project Sections 3A and 3B.
Other ongoing projects include the Tangguh UCC On Shore Project Papua, the National Capital Integrated Coastal Development (NCICD) Phase A, and the New Priok Eastern Access (NPEA) project, among others.
Additionally, the company is completing construction on several projects, such as the development of the Smart System and Integrated Technologies Laboratory (L-SSIT) Building at Udayana University in Bali and the Integrated Laboratory Building at Khairun University in Ternate.