studikasusperusahaan pengembang PT. ABC PT ABC, which business is in the real estate development,...
Transcript of studikasusperusahaan pengembang PT. ABC PT ABC, which business is in the real estate development,...
MODEL USULAN PENYELESAIANDEBITUR PENGEMBANG BERMASALAHDI BADAN PENYEHATAN PERBANKAN
NASIONAL
studi kasus perusahaan pengembang PT. ABC
ABSTRAK
PT ABC adalah perusahaan yang bergerak dibidang pengembangan
perumahan . PT ABC menerima fasilitas kredit dari sindikasi dua bank
yang kemudian kedua bank tersebut bermasalah dan diambil alih oleh
BPPN . Seluruh lahan yang ada, baik yang dijaminkan maupun yang
tidak dijaminkan, terbawa serta dan berada dibawah pengawasan
BPPN . Perusahaan berhenti beroperasi , dan menjadi bermasalah
karena tidak sanggup lagi membayar hutangnya . Untuk dapat keluar
dari BPPN, perusahaan hares mengikuti program restrukturisasi hutang .
Tugas akhir ini bertujuan untuk mencari alternatif jalan keluar yang
sating menguntungkan bagi kedua belah pihak .. Beberapa alternatif
restrukturisasi yang mungkin dilakukan kemudian diidentifikasikan,
yaitu Penjadualan Ulang Hutang (Rescheduling), Penerbitan Surat
Hutang Pasar Modal, Debt to Equity swap, dan Debt to Asset swap.
Dalam membahas alternatif tersebut digunakan dasar-dasar teori
Struktur Permodalan, Analisis Leverage, serta Analisis Nisbah
Keuangan . Guna menambah wacana, tinjauan atas fungsi Badan
Penyehatan Perbankan Nasional serta tinjauan dari segi Perpajakan
juga disertakan .
Alternatif terbaik adalah Debt to Asset swap. Hasil pembahasan ini
diharapkan dapat pula dijadikan bahan pemikiran dan alternatif
negosiasi bagi perusahaan pengembang perumahan Iainnya yang
sedang bermasalah dengan krediturnya .
ABSTRACT
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.