VIVAnews - PT Indonesia Air Transport Tbk (IATA) has rescheduled the Rp 110 billion debt. The company would also postpone the settlement ofthe remaining Rp 130 billion debt.
IATA CEO Syafril Nasution said the company still reviews the possibility of a debt restructuring through bank loans.
“We will extend the debt if necessary,” he said on Thursday, June 18.
Nasution also said that the banking loans are allocated to fund the company’s operational activities.
IATA Corporate Secretary Joe Denie said that the company would try to alleviate the amount of losses. In 2008, the company suffered from Rp 60 billion of net loss.
“The company is hoping to gain the BEP (Break Event Point)”, he said.
Meanwhile, the revenue is predicted to go down to Rp 217 billion. In 2008, the revenue was Rp 293 billion.
“The cutting of revenue target is triggered by the termination of three helicopters’ contract in early 2009,” Nasution said. According to him, the three contracts worth US$ 49 million.
He continued by saying that this year the company is trying to divest a helicopter and two fixed wing airplanes worth US$3-4 million.
The asset release is aimed at raising funds and minimize unproductive assets.
In the meantime, the shareholders of PT Global Transport Services said they have yet to have intended to let go their share ownership in the company.
“We won’t sell the IAT shares yet, although some companies have stated their interest,” IATA Independent Commissioner Budi Rustanto said.
According to him, Global Transport assumed that the company could still grow and have competent human resources.
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Translated by: Nataya Ermanti
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