Krakatau Steel’s Final rescue
Shrouded in debts, the state’s steel company is standing on the verge of bankruptcy. Rescue mission began before Krakatau Steel is merged under a mining holding company.
Stainless steels are resistant to rust. However, the company that produces it, Krakatau Steel, is not resistant to the debt bondage. After seven years of losses and bridge loans, the state-owned steel company waved the white flag.
In February, Krakatau Steel (IDX: KRAS) finance director Tardi wrote to three state banks: Bank Negara Indonesia (BNI), Bank Rakyat Indonesia (BRI), and Bank Mandiri. He stated that the company was u...