kesulitan keuangan (financial distress)

7/25/2019 Kesulitan Keuangan (Financial Distress)

1/16

KESULITAN KEUANGA(FINANCIAL DISTRESS

KELOMPOK 5 :

DWIKI WICAKSONO

LINA HALIDA


2/16

APAKAH ITU FINANCIAL DISTRESS?

Wruck (1990) fnancial distress is a situation where frm

cash "ows are not su#cient to satis$% current o&li!ations credits or interest e(ense) and the frm is $orced to ta*e action,-

Blacks Law Ds!"#ar$ ina&ilit% to a% ones de&t lac* oa%in! ones de&ts, Such a condition o$ a womans or 'maand lia&ilities that the $ormer made immediatel% a+aila&leinsu#cient to dischar!e the latter,-

D%s # '%la! fnancial distressa*a k%!*ak'a'uau!a#, s%cara u'u'- +ak .a#,ka %#*%k *a# .a#,ka a#.a'%#$"r"! fnancial distress*ar ss k%!*ak 'a'ua# as%la+l!as/


3/16

INSLEN23

Cara pandangstocksmenekankan adanyanet worth (kekayaan ber

yang negatif.

Assets

Debt

Equity

Solvent firm

Assets

Insolvent firm

De

egative Equity

Eq

Stock-based


4/16

INSLEN23

Cara pandangflowsmelihat pada ketidakmampuan perusahaan me

!angka pendek maupun !angka pan!ang.

Contra"tual

obligations

Insolven"y

#

$irm "ash flo%

Cash flo%

shortfall

time

Flow-base insolvency


5/16

APA 3ANG TE45ADI KETIKA PE4USA6ENGALA6I 7INAN2IAL DIST4ESS8

1/ 6%#.ual as%!as%! u!a'a#$a

:/ 6%r,%r *%#,a# %rusaaa# la#

;/ 6%#,ura#, +%la#.a '"*al u#!uk %#%l!a# *a# %#,%'


6/16

ST4ATEGI KETIKA TE45ADI FINANCIAL D

&eoand

eranot

iqu

$inan"ialdistress

$inan"ialrestru"turing

o finan"ial

restru"turing

egalbankrupt"y

*rivate%orkout


7/16

KEBANGK4UTAN- LIKUIDASI- DAN4E4GANISASI

Lku*as '%#,%#!ka# k%,a!a# "%ras %rusaaa# (!

4%"r,a#sas la# u#!uk '%'%r!aa#ka# k%la#,su#,

(!oin! concern) %rusaaa#- * a#!ara#$a *%#,a# '%#%r+u#!uk '%#,,a#!ka# %%k la'a/

K%+a#,kru!a# (&an*rutc%) s%+ua ua$a uku' $a#, *aa! *a.uka# s%#*r (+oluntar%) "l% %rusaaa# a!au *a

"l% kr%*!"r (in+oluntar%)/


8/16

LIKUIDASI

La#,kala#,ka strai!ht li/uidation

1) P%r'""#a# *a.uka# k%a*a P%#,a*la# 7%*%ral/ P%r'""#a# +sa

"l% %rusaaa# (+oluntar%) 'auu# "l% kr%*!"r (in+oluntar% &an*

:) S%!%la %rusaaa# *!%!aka# +a#,kru!- 'aka r"s%s lku*as *'asl lku*as *lakuka# +%r*asarka# uru!a# r"r!as +%rku!

a) B%+a# a*'#s!ras !%rka! r"s%s lku*as %rusaaa# $a#, +a+) Kla'kla' !a#a .a'#a# (unsecured claims) $a#, !%r.a* s%!%

%r'""#a# in+oluntar% &an*rutc%

c) Ua- ,a.- *a# k"'s*) Iura# k%a*a *a#a %#su# $a#, !%r.a* *ala' 1C0 ar s%+%lu'%#,a.ua# %r'""#a# k%+a#,kru!a#

%) Kla' *ar k"#su'%#) Kla' a.ak,) Kla' kr%*!"r +ak *%#,a# a!au !a#a .a'#a#) Kla' *ar %'%,a#, saa' r%%r%#) Kla' *ar %'%,a#, saa' +asa


9/16

4E4GANISASI

1) P%r'""#a# *aa! *a.uka# "l% %rusaaa# (+oluntar% etition; a!au l%+ kr%*!"r (+sa *a.uka# 1 kr%*!"r .ka .u'la kr%*!"*ar 1:)/ P%r'""#a# k%al!a# "l% kr%*!"r (in+oluntar% etiti*s%r!a k%!%ra#,a# +awa %rusaaa# !*ak '%'+a$ar u!a#,#

:) Wak!u u#!uk '%#$a'aka# r%#ca#a r%"r,a#sas a*ala 1:0

;) Kr%*!"r *a# %'%,a#, saa' *+a, k% *ala' k%l"'"kk%l"'S%k%l"'"k kr%*!"r *a#,,a '%#%r'a r%#ca#a .ka :; *ar k(+%r*asarka# .u'la kr%*!) *a# *ar k%l"'"k (+%r*asarka#

kr%*!"r) '%#$%!u.u r%#ca#a r%"r,a#sas/


10/16

6ANA 3ANG LEBIH BAIK 0RI1ATE23R435T ATAU KEPAILITAN8

P%r+a#*#,a#ri+ate wor*outs*%#,a# $ormal &an*rutc%.

B%r*asarka# *a!a s!"rs- s%!%#,a *ar fnancial restructurin!s*sk%'ari+ate wor*outs- walauu# akrakr # $ormal &an*rut+a#$ak *,u#aka#/

P%rusaaa# $a#, 'a'u +a#,k! *ar fnancial distress*%#,a# '

sk%'ari+ate wor*outs'%#,ala' k%#aka# ar,a saa' $a#, .*ara*a %rusaaa# $a#, +a#,k! *ar fnancial distress*%#,a# &an*rutcies/

Ba$a la#,su#, (direct costs) sk%'ari+ate wor*outs.au l%+ '+a$a $ormal &an*rutcies/

To mana!ement+asa#$a sa'asa'a '%#,ala' %#uru#a# ,a

k%la#,a# .a+a!a# +ak *ala'ri+ate wor*outs'auu# $ormal &


11/16

6ENGAPA ADA PE4USAHAAN 3ANG 6E6UNTUK 6ENGGUNAKAN F3R6AL 7AN4R

6%la! alal !%rs%+u!- k%'u*a# !'+ul %r!a#$aa#- '%#,aa $a#, '%'l u#!uk '%#,,u#aka# $ormal &an*rutcies8

8) 6ar!inal Firm

9) :oldouts

;) Comle(it%


12/16

0RE0AC4A=ED 7AN4R50TC>

0reac*a!ed &an*rutc% k"'+#as a#!arari+ate wor*

le!al&an*rutc%(%rusaaa# $a#, !%la *a.uka# k% %#,*#$a!aka# +a#,kru! '%#uru! uku' k%+a#,kru!a# a!au

S%+%lu' %rusaaa# '%#,a.uka# %r'""#a# k%+a#,kru%rusaaa# !%rl%+ *aulu '%lakuka# %#*%ka!a# *%#,as%r!a '%'+awa r%#ca#a r%"r,a#sas %rusaaa#/

K%'u*a# %rusaaa# *a# kr%*!"r s%kal,us '%#$aka# a*'#s!ras $a#, *%rluka# s%+%lu' '%#,a.uka# k%+a#,

P%r'""#a# *s%+u!reac*a!e.ka a*a %rusaaa# '%%r'""#a# k% %#,a*la#- #a'u# a*a saa! $a#, sa'a- '%la'rka# r%#ca#a r%"r,a#sas l%#,ka *%#,a# %rs%!ukr%*!"r/


13/16

P4EDIKSI KEBANGK4UTAN PE4USAHAA6DEL FS24E

D'a#a F a*ala #*%ks k%+a#,kru!a# (#*% " +a#kru!c$) 5ka Fsc"r% kura#, *ar :->@=- al # '%#,#*kaska# +awa %rusa

k%'u#,k#a# 9= u#!uk +a#,kru! *ala' wak!u 1 !au#/ Aka# !%!a- asl Al!'a# Fsc"r% '%#u#.ukka# +awa sk"r 1-C1 sa'

'%ruaka# ,r%$ ar%a (!*ak *aa! *!%#!uka# aaka %rusaaa# '%#k%al!a# a!au !*ak)/ Dala' %#%raa##$a- k%+a#,kru!a# *r%*ks 1-C1 *a# %rusaaa# *r%*ks !*ak +a#,ru! .ka F J :-99/

6"*%l FSc"r% # a#$a *aa! *!%raka# a*a %rusaaa# 'a#uak!saa'#$a *%r*a,a#,ka# * +ursa/

Asse+otal

Sales

,-.Assets+otal

Capitalget /orkin

0-.Assets+otal

E1I+

2-2 ++Z

Assets+otal

Earning&etaindA""umulate3-.

Equity4alue1ook

Equity4alue(arket5-, ++


14/16

6DEL FS24E (4%?s)

D'a#a .ka F 1-:; a*ala #*kas %rusaaa# *r%*ks aka# +a#,kru!/ 1-:; F :-90 a*ala !re% area(!*ak *aa! *!%#!uka# aaka %

'%#,ala' k%al!a# a!au !*ak)/ F :-90 a*ala #*kas %rusaaa# !*ak +a#,kru!/

6"*%l FSc"r% r%?s # *aa! *!%raka# u#!uk %rusaaa# #"#u+lk

+uka# %rusaaa# 'a#uak!ur/

Assets+otal

E&etaindA""umulate05-2

Assets+otal

Capitalget /orkin65-5 +=Z

s)iabilitie+otal

Equity7f4alue1ook80-5

Assets+otal

E1I+,6-. ++


15/16

KESI6PULAN

S%cara !%rsra! !%r*aa! *ua cara a#*a#, '%#,%#a fnanc

$a!u stoc*s and "ows, P%rusaaa# $a#, !*ak '%'%r"l% a!au '%'l u#!uk !*

k%s%aka!a# !%rka! *%#,a# %'+a$ara# u!a#,#$a k%a*a'%'lk *ua la#- $a!u '%lakuka# lku*as *a# r%"r,a#

4%s!ruk!ursas k%ua#,a# %rusaaa# *aa! *caa *%#,a#w"rk"u! a!au k%al!a#/ 4%s!ruk!ursas k%ua#,a# %rusaa*lakuka# '%lalu lku*as a!au r%"r,a#sas '%lalu '%ka#

k%+a#,kru!a#/ 0reac*a!ed &an*rutc% '%ruaka# sala sa!u cara *ala'

r%s!ruk!ursas k%ua#,a# %rusaaa# *'a#a %rusaaa# '#%,"sas *%#,a# kr%*!ur !%#!a#, r%#ca#a r%"r,a#sas *a##%,"sas !%rs%+u! +%rakr *%#,a# %r'""#a# k%+a#,kru

Kr%*!ur *aa! '%#,,u#aka# '%!"*%@scoreu#!uk '%'rk%+a#,kru!a# %rusaaa#/


16/16

TERIMA KASIH

kesulitan keuangan (financial distress)

Documents