Restrukturisasi Pinjaman Perusahaan Dengan Menggunakan Metode Optimasi (Studi Kasus Pt X)

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. ====================================================== 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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