Indonesia Builder Inks Deal to Restructure $1.3 Billion of Debt
- Lenders including Mandiri, Negara, Rakyat sign agreement
- Government’s building spree saddled firms with huge debt
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State builder PT Wijaya Karya clinched an agreement with some of Indonesia’s biggest banks to restructure 20.58 trillion rupiah ($1.31 billion) of debt, after the government’s infrastructure push saddled it with an unmanageable pile of liabilities.
The state-owned construction company said it signed the deal with 11 institutions, including PT Bank Mandiri, PT Bank Negara Indonesia, PT Bank Rakyat Indonesia, PT Bank Tabungan Negara, PT Bank Syariah Indonesia and PT Bank Panin.