WIKA misses bond coupon, rating cut to idD after bondholders reject restructuring plan

Wijaya Karya (WIKA) failed to pay a coupon on its ongoing bond series due 3 November, and rating agency Pefindo cut the instrument's rating to idD on 4 November while keeping the corporate rating at idSD. The default follows a bondholders' meeting on 28 October at which holders of 90.59 percent of the Rp2.25 trillion principal rejected management's restructuring proposal — support reached only 70.87 percent against the 75 percent quorum requirement, with roughly 90 percent of the other agenda items voted down.

The missed payment came despite the rejection, leaving the company in active default with creditors opposed to its plan. Pefindo said the rating will only be reviewed once all overdue principal, coupons and revenue-sharing payments are settled. Context from Danantara, the state wealth fund overseeing SOEs, puts WIKA's debt at about Rp34 trillion with insufficient underlying assets, and the government is proceeding first with the PTCP–ADHI merger while WIKA and Waskita follow separate restructuring tracks. For contractors, suppliers and technology vendors working with the WIKA ecosystem, collection risk and potential entity restructuring have moved from horizon risk to present reality; separate state builder PT PTPP holds its extraordinary shareholders meeting on 10–11 November as part of its own remediation.