The management of PT Rekayasa Industri (Rekind) informed us of the Company’s success in realizing the Company’s Postponement of Debt Payment Obligation (PKPU) peace agreement (homologation). This success should be grateful for but don’t do it with euphoria.

 

At least, that is the picture recorded in the Town Hall Meeting, which was held at the ROB II Building, 1^st Floor, Rekind Head Office, on Monday 5 February 2024.

 

Rekind’s success at PKPU was marked by the approval of the homologation by the Panel of Judges at the Commercial Court at the Central Jakarta District Court, on January 31, 2024. This decision refers to the voting session on the PKPU peace proposal from 229 creditors, both from concurrent and separatist votes.

 

Through this voting, Rekind succeeded in gaining approval for the peace proposal with concurrent votes of 96.94% of the total creditors (headcount) and 98.99% of the value of the claims (value) which had been recognized and verified by the Management Team. Meanwhile, all separatist votes reached 100% of the vote, both in terms of headcount and value.

 

This success indicates that Rekind is preparing to start a new chapter in its business journey, through Financial Restructuring and Business Transformation within the framework of the Corporate Restructuring Plan which was signed by BUMN Minister Erick Thohir on January 2, 2024.

 

“Our success at PKPU is one of the doors we entered to then open the next door to make Rekind the best company and a source of pride for all of us as well as the nation and state,” emphasized Rekind President Director Triyani Utaminingsih, in his speech at the event.

 

He admitted that PKPU is also a valuable and forging lesson that must be learned quickly. If this matter drags on in court, of course, it will also have negative implications for the company.

 

It is also not easy to convince creditors, including banks, vendors, and subcontractors, that PKPU is the best way for both parties. “Thank God, we can achieve this hope together, of course, based on struggle and enthusiasm so that this company can show its best existence again,” explained Triyani Utaminingsih.

 

He also expressed positive appreciation for the efforts and hard work shown by the Rekind Internal Team who were able to work optimally and professionally, so that within 77 calendar days, a peace agreement could be obtained according to mutual expectations.

 

“The two important moments (Corporate Restructuring Plan and PKPU) are positive achievements that should be grateful for. “However, this gratitude should not be shown with euphoria,” reminded Yusairi, Director of Operations and Technology/Development at Rekind, on the sidelines of his presentation about Rekind’s sustainability after PKPU.

 

The reason is that after the PKPU peace agreement was approved, Rekind still had to deal with a situation that was not easy, especially to be able to carry out the commitments contained in the peace agreement well. On the other hand, Rekind must also carry out financial restructuring activities and develop its business transformation in accordance with what has been outlined by its shareholders.

 

“We think of financial restructuring as a medicine that must be able to improve the company’s financial performance. “Meanwhile, the business transformation that we will prioritize is how Rekind is able to ensure that similar incidents do not happen again, both on a project and corporate scale,” explained Yusairi.

The Town Hall meeting, which was held from 08.30 WIB, ended with a question and answer session between Rekindist and management. This session went smoothly, even the questions asked by Rekindist added to the closeness between the two parties.