Muttahara, Indira Nadya (2016) Restrukturisasi Pinjaman Perusahaan Dengan Menggunakan Metode Optimasi (Studi Kasus Pt X). Undergraduate thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
PT X adalah salah satu penghasil baja terbesar di Indonesia. Kondisi
ekonomi global yang fluktuatif dan pelemahan ekonomi di China
mempengaruhi kinerja finansial PT X. Penurunan kinerja finansial selama
empat tahun terakhir menyebabkan likuiditas perusahaan semakin
memburuk. Selain itu, pinjaman jangka panjang yang akan jatuh tempo
dalam jangka waktu dekat ini tetap harus dipenuhi oleh PT X. Akan tetapi,
kinerja finansial yang memburuk menyulitkan PT X untuk memenuhi
kewajiban tersebut. Repayment capacity perusahaan mengalami
permasalahan yang sangat berat dan terancam mengalami gagal bayar. Salah
satu solusi yang dapat dilakukan adalah melakukan restrukturisasi hutang
yang dimiliki saat ini. Penelitian ini akan berfokus untuk menyelesaikan
permasalahan pinjaman jangka panjang dengan melakukan restrukturisasi
hutang dengan cara penjadwalan ulang pembayaran (debt rescheduling).
Debt rescheduling dilakukan melalui implementasi metode optimasi.
Optimasi digunakan untuk mendapatkan hasil optimal dengan
mempertimbangkan kendala yang dihadapi. Fungsi tujuan dari optimasi
yang dilakukan adalah memaksimalkan enterprise value dengan
mempertimbangkan batasan berupa financial covenants. Hasil optimasi
menunjukkan bahwa jadwal pembayaran hutang yang optimal dapat
diperpanjang hingga 2018, yaitu dalam jangka waktu 4 tahun.
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PT X is one of the biggest steel producer in Indonesia. The global
economic volatility and the economic slowdown in China predispose
financial performance of PT X in the recent years. A decrease in its
financial performance for the last four years has worsen the liquidity of the
company. On the other side, long-term loans which will reach its due date
in the near time must still be completed by PT X. Yet, the slowdown of its
financial performance has caused difficulties in completing its liabilities.
Repayment capacity happens to also be in a big matter that it inflicts a
threat of payment failure. One of the solutions it can obtain is to restructure
its current debt. This research will focus on solving problems in completing
its long-term loans by restructure its debt through debt rescheduling. Debt
rescheduling will be implemented with optimization method. Optimization
will be used to achieve optimum result while considering any obstacles
which may have to be faced. The objective of performing optimization is to
maximize the enterprise value by considering fincancial covernants as its
limit. The optimization result shows that the most optimum debt payment
schedule is to be extended until 2018, which is a four-year extension.
| Item Type: | Thesis (Undergraduate) |
|---|---|
| Additional Information: | RSMB 519.7 Mut r |
| Uncontrolled Keywords: | restrukturisasi, debt rescheduling, financial covenants, optimasi |
| Subjects: | H Social Sciences > HF Commerce H Social Sciences > HF Commerce > HF5601 Accounting T Technology > TS Manufactures |
| Divisions: | Faculty of Business and Management Technology > Business Management > 61205-(S1) Undergraduate Thesis |
| Depositing User: | EKO BUDI RAHARJO |
| Date Deposited: | 08 Oct 2019 01:44 |
| Last Modified: | 08 Oct 2019 01:44 |
| URI: | http://repository.its.ac.id/id/eprint/71035 |
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