"The bailout funds for IKI are part of the restructuring and revitalizing of companies under the handling of the PPA. It has won the approval of the Restructuring and Privatization Committee," State Enterprises Minister Mustafa Abubakar said here on Thursday.
The disbursement of the bail out funds would be carried out in two stages, namely Rp191.3 billion in the first phase and the remaining one would amount to Rp300 billion.
With the first injection, it was expected that IKI would return to its operations in building ordered ships whose construction so far had been delayed due to financial crisis the company has faced.
PT IKI has been halting its operations due to its debts in the form of Investment Fund Account reaching 19.78 million US dollars, consisting of a debt principal worth 12.9 million dollars and in other forms of obligations valued at 6.83 million dollars.
This company also has debts in the rupiah form worth Rp6.33 billion, consisting of Rp990 million in debt principals and Rp5.34 in the form of other obligations.
The minister said that the injection funds were not a state capital participation (PMN) but a bailout fund from the PPA given as a loan for a working capital to be repaid in the coming 7 to 8 years.
"IKI is to be injected with a capital so that it would be able to operate again in repairing damaged ships and in building new ones," the minister said.
He said that the disbursement of the second stage funds amounting to Rp300 billion was intended as a working capital in the framework of operational cooperation (KSO) in the construction of ships with PT Krakatau Steel, PT Dok Perkapalan Surabaya, PT Dok Kodja Bahari, PT Pal Indonesia, PT Pelni, and PT Pertamina.
(Uu.A014/HAJM)
Editor: Ruslan Burhani
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