MEET SOME OF OUR CLIENTS
At Paska Advisory, we have had the privilege of working with a diverse range of clients, each with unique financial challenges and aspirations. From Indonesian-based debtors to creditors facing complex debt situations, we have been there every step of the way, providing expert guidance and tailored solutions. Our commitment to understanding our clients' needs and delivering exceptional results has earned us the trust and loyalty of those we serve. Get to know some of our valued clients and learn how we have helped them navigate the path to financial recovery and success.
KIBIF
A Rebirth Story
Paska Advisory undertook the restructuring of KIBIF, together with Aji Wijaya & Co in conjunction with a Buyer's acquisition. Our advisors carefully considered the Buyer's desired control parameters and risk management goals, finding an appropriate forum for formalizing these aspects.
To incorporate the Buyer's objectives, we recommended the appropriate legal forum. The proposed composition plan encompassed a debt equity swap, governance provisions benefiting the Buyer, and an installment scheme for vendors/suppliers. With efficient execution, the restructuring process concluded within the designated timeframe, receiving majority approval from the creditors.
This engagement exemplifies Paska Advisory's ability to navigate complex restructuring scenarios, seamlessly integrating control parameters, risk management strategies, and the appropriate legal processes to achieve favorable outcomes for our clients.
Mega Pasanggrahan Indah
A Resilience Realized
MPI, an affiliate of Megapolitan Developments and the owner and operator of Cinere Mall, Bellevue mall-apartment superblock, and Cinere Terrace Suites mall-apartment superblock, faced financial challenges due to factors such as a previous fire incident, construction delays, and reduced foot traffic caused by the pandemic. These challenges came to a head when several PKPU filings were made by Cinere Terrace Suites buyers.
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Paska Advisory was appointed to advise MPI during the PKPU period. We recommended utilizing the PKPU as a forum to negotiate with all creditors, including banks, property buyers, and vendors/suppliers. The proposed composition plan included maintaining terms with banks (while maintaining provisions for future renegotiation), providing flexibility on handover dates for property buyers, offering replacement units, and implementing an installment scheme for vendors/suppliers. The PKPU proceeding successfully concluded within the designated timeframe, receiving statutory approval from creditors.
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This engagement showcases Paska Advisory's expertise in guiding clients through complex restructuring scenarios, utilizing the PKPU framework to negotiate with stakeholders and establish a comprehensive restructuring agreement that addresses financial challenges effectively.
Rayon Utama Makmur
Documenting the Spirit of Agreement
Rayon Utama Makmur (RUM) plays a vital role within the Sritex industrial complex as a provider of rayon fibers exclusively allocated to the Sritex main group for spinning, weaving, and manufacturing finished products. However, RUM's production capacity is insufficient to meet the entirety of Sritex's rayon fiber requirements, leading the main group to source fiber from other suppliers.
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Starting in 2020, Sritex faced cash flow difficulties that directly impacted its payments to RUM. Consequently, RUM found itself unable to fulfill its secured obligations to the three state-owned enterprise (SOE) banks who had provided financing for the fiber plant's construction and working capital. In May 2021, a vendor of RUM filed for PKPU, and the Commercial Court of Semarang granted the application.
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Recognizing the crucial need for continued working capital support and relaxed debt repayment terms, a comprehensive agreement was reached. The composition plan encompassed the maintenance of working capital facilities from alternative providers and the establishment of an installment obligation to suppliers and vendors. After several extensions, the PKPU proceedings successfully concluded, receiving statutory majority approval from the creditors.
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This engagement exemplifies Paska Advisory's expertise ensure the agreed terms are incorporated into a composition plan which was homologated by the commercial court.