Govt Prepares Merpati Rescue Scheme
13 June 2014 02:56 WIB
TEMPO.CO, Jakarta - The government is formulating the best scheme to save state aviation company PT Merpati Nusantara Airlines from default. "Merpati's huge debt makes investors reluctant to look at it," said Coordinating Minister for Economic Affairs Chairul Tanjung yesterday.
According to Chairul, one option to save Merpati from going bankrupt is by converting government debts into equity—if it is approved by the House of Representatives.
State Owned Enterprises Minister Dahlan Iskan also said that Merpati's biggest problem is its huge debt. Per January 2014, Merpati's debts were recorded at Rp6.7 trillion, most of them are owed to the state and SOEs.
"It is better to convert the debts into equity shares," Dahlan said.
Other options proposed are to create a subsidiary for Merpati, in collaboration with other parties, or through debt restructuring.
Yesterday, the working committee for DPR's Commission VI held a meeting about the plan to help Merpati from defaulting. The meeting was also attended by the deputy technical as well as representatives from Merpati and asset management company PT Perusahaan Pengelola Aset (PT PPA)—Merpati's holder. The work committee also invited the Deputy Civil Aviation from the Transportation Ministry. The discussion is targeted to finish within a week.
Merpati's equity value per December 2013 reached minus Rp4.96 trillion. The company has not paid the salaries of 1,467 employees since December 2013. Since February, Merpati stooped operating due to financial difficulties. The airline is now trying to go back on air, hoping to get Rp200 billion to Rp400 billion in restructuring and revitalization funds from PT PPA.
ANANDA PUTRI | JAYADI SUPRIADIN | FAIZ NASHRILLAH
