Waskita Karya Wins Debt Restructuring Approval

Management said the outcome of the bondholders' meeting boosts the chance the Indonesia Stock Exchange will reopen trading in WSKT, which has been suspended since May 8, 2023 after delays in paying bond interest and principal. For shareholders, the suspension has meant no price discovery and no liquidity; for creditors, the deal buys time for the company to keep operating while it works through its liabilities.

Waskita said its total debt has fallen 20.8% since the end of 2023 to Rp 66.5 trillion from about Rp 84 trillion. Trade payables to vendors have also dropped sharply to Rp 48 billion in the first half of 2026 from Rp 2.13 trillion in 2022, while tax arrears have been fully settled.

The restructuring comes alongside a recovery in operations. First-half revenue rose 58.49% from a year earlier to Rp 4.92 trillion, helped by projects tied to the Sekolah Rakyat program and irrigation work for the public works ministry. New contract wins reached Rp 5.1 trillion through June, led by connectivity projects and water infrastructure.

For investors, the key question now is whether financial repair translates into a credible earnings recovery and a return of market access. Any reopening of the stock would likely draw speculative interest, but the equity still depends on sustained deleveraging, disciplined execution and the government-backed contractor’s ability to convert new orders into cash.