Merpati Asks for More Time to Settle Debts

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  • TEMPO.CO, Jakarta - State-owned aviation company Merpati Nusantara Airlines will file for a Debt Settlement Delay, known as PKPU in Indonesia, to Commercial Court this week. Merpati seeks to obtain more time to pay its debts to 1,000 private creditors, which amounted to some Rp2 trillion.

    State-Owned Enterprises Minister Dahlan Iskan said that in Merpati will outline a number of issues the companies have, and what solutions it will adopt. These solutions include restructuring its debt to the state, SOEs, and quasi-organizations; with the support of the Finance Minister.

    As of January 2014, Merpati's debts have reached Rp7.6 trillion, consisting of a Rp3-trillion debt to SOEs; Rp2 trillion to the government; and another Rp2 trillion to private creditors.

    In addition to mounting debts, Merpati's equity stood at minus Rp4.96 trillion as of December 2013. The company also has not paid the salaries of its 1,467 employees since late last year.

    Merpati is now hoping for a cash injection from PT Perusahaan Pengelolaan Aset to fund its debt restructuring and revitalization program. The cash injection would amount to Rp200 billion to Rp400 billion.