JAKARTA: State asset fund Danantara claims that it will not seek bankruptcy to resolve defaults at state-owned postal company PT Pos Indonesia, the fund’s chief operating officer Dony Oskaria says.
Dony said Pos Indonesia would be transformed into a logistics holding company.
“Other state-owned logistics companies will join PT Pos Indonesia,” he said on Monday, and also noted that Pos Indonesia’s financial position would be restructured and that the company would be poised to play a strategic role in the logistics business.
“It has 4,000 distribution channels, which we plan to leverage to build our logistics company,” he added.
Bankruptcy concerns emerged as Pos Indonesia struggled with mounting financial issues and bond repayment defaults.
Fitch Ratings announced on Oct 22 that it downgraded the long-term rating of Pos Indonesia senior unsecured 400 billion rupiah notes due on Dec 28, 2027, to D, from previously C.
“The downgrade reflected Pos Indonesia’s uncured coupon non-payment within the contractual grace period of 14 business days following the missed coupon payment due on Sept 28, 2026,” read the announcement.
Fitch said it considered an actual failure to pay interest or principal when due and payable according to the terms and conditions of the rated obligation, including any applicable grace period, as a default.
The action follows the prior downgrade of the state firm’s national long-term rating to RD from C and the second tranche of its sukuk to D from C on Sept 18 due to an unresolved default on sukuk payments.
Pos Indonesia also missed the payments for its return installment due on Oct 8 on the one trillion rupiah first sukuk tranche.
This tranche comprises Series A, B and C, which mature in January 2028, 2030 and 2032, respectively.
An initiation of bankruptcy protection procedures would result in a rating downgrade to D, Fitch stated, adding that it would reassess Pos Indonesia’s credit profile and the ratings on its debt issuance “if a debt restructuring process is completed or there is a successful resolution to the current payment default”.
The company previously missed a payment of 24.12 billion rupiah on the sixth periodic return of its sukuk due on July 8, prompting the Indonesian Central Securities Depository to postpone the distribution of returns to sukuk holders.
In response, Fitch downgraded Pos Indonesia’s national long-term rating from A to C and cut the company’s standalone credit profile to C from BBB.
Amid persistent financial burdens, Pos Indonesia has also reportedly delayed salary payments.
Lawmakers said in August that the company must secure 158 billion rupiah in outstanding payments to ensure the timely payment of salaries for its 31,000 active employees.
The pressure comes as Pos Indonesia’s financial performance deteriorated sharply in 2025 following a reduction in government assignments for logistics and food-aid distribution, which had previously provided a significant source of revenue.
The company’s operating revenue fell about 20% year-on-year to 3.97 trillion rupiah in 2025, just 63% of its 6.2 trillion rupiah target. — The Jakarta Post/ANN
