PT PP signed a restructuring agreement on Sept. 10 with PT Bank Mandiri, PT Bank Rakyat Indonesia, PT Bank Negara Indonesia and PT Bank Syariah Indonesia, according to a Friday filing. The debt is carved into tranches: around 13.3 trillion rupiah of principal is scheduled across 15 years, about 4 trillion rupiah will be repaid over five years using proceeds from selling assets, and a third tranche covering accrued interest will be settled within 18 months.
The builder has been squeezed for liquidity. According to its latest statements, cash fell by over 50% to 1.2 trillion rupiah as of June versus the end of 2025, and close to 5.8 trillion rupiah in bank borrowings was maturing inside 12 months. The restructuring will become effective once shareholders approve it and other conditions are fulfilled.
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This deal piles onto Danantara's already heavy workload. The sovereign wealth fund, which controls most of Indonesia's state-owned enterprises, has handled a 1.36 trillion rupiah bond workout at PT Waskita Karya and is aiming to trim subsidiaries at PT Adhi Karya. Years of big-ticket infrastructure builds have left construction under pressure and could shrink the pool of capital available for new investments. Danantara Chief Operating Officer Dony Oskaria has noted that turning around distressed state firms could still mean an additional 100 trillion rupiah of impairments, corrections and losses.
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