Case Study
PT Apexindo Pratama Duta Tbk
June 2019- Type of Case :
- Debt Restructurings and Turnaround Management (PKPU) and Creditor Support & Advisory
- Title :
- Oil & Gas
- Status :
- Closed June 2019
- Value :
- USD 319 million
PROJECT OVERVIEW
- Our Client is a leading Indonesian offshore drilling contractor operating jack-up rigs, swamp barges, onshore rigs, and an FPSO, primarily serving Indonesia’s oil & gas sector.
PROJECT ISSUES
- Following the global oil price collapse and regulatory shifts in Indonesia’s oil & gas industry (2014–2015), the Client faced prolonged liquidity pressure. The Client entered into voluntary restructurings in 2018 and ultimately completed its restructuring through PKPU proceedings in 2019.
- The debt structure comprised of syndicated facility across SOE banks, offshore private banks, and special situations funds, and bilateral facility with a private bank, with complexity arising from differing interests and recovery expectations, mandates, and regulatory constraints.
WHAT WE DID
- AJCapital acted as independent financial advisor to the Client and its creditors.
- Delivered an Independent Business Review and asset-level valuation, which demonstrated higher recovery under a going-concern restructuring versus liquidation.
- Developed a financial model to test different repayment options and support stakeholder negotiations.
- Managed the complexities across different creditor groups by developing tailored restructuring solutions for SOE and private creditors, including asset-based settlements, conversion into MCB, and negotiated payment terms, while ensuring fair and balanced treatment across creditors.
- Led end-to-end negotiations between the debtor and creditors during the voluntary restructuring and PKPU process.
- Coordinated closely with legal counsel throughout the PKPU process and development of the Composition Plan.
PROJECT OUTCOME
- The Composition Plan was approved by 100% of secured creditors and 99.7% of unsecured creditors.
