Bakrie & Brothers (BNBR) has restructured 75% of its debt, while existing debt is expected to be restructured in 2021. For years, the firm has entangled in debt and eroded the financial condition. Per December 2019, BNBR’s liability reached Rp12 trillion, while assets was Rp14.36 trillion.
The president director, Anindya Novan Bakrie claimed, after the debt restructuring, now the company focuses on the business expansion beside the existing projects. The publicly listed firm now working on a number of prospective projects, such as Tanjung Jati A power plant in Cirebon, Central Java, gas pipeline project in Kalimantan, toll road construction and electric bus development projects. To run the plans, the company prepared capital expenditure (capex) of Rp800 billion.