Ailing state-owned PT Merpati Nusantara Airlines has secured funds to pay some of its fuel debt, after signing an agreement with state asset management firm PT Perusahaan Pengelola Aset (PPA).
Merpati and PPA inked the agreement Friday that the latter would provide Rp 561 billion (US$62.98 million) in loans until the former received financial aid in the form of state capital participation (PMN) from the 2012 revised state budget.
However, the funds from PPA have not yet been disbursed.
“We haven’t received the funds. That was only an agreement for a loan. We will follow it up next [this] week,” Merpati’s president director Sardjono Jhony Tjitrokusumo said over the phone on Sunday.
He added the funds would be used to pay its current debt of Rp 8.2 billion for fuel payments to state oil and gas company PT Pertamina between Aug. 26 and Oct. 16.
He said the airline had accumulated two other debts to Pertamina: Rp 212 billion for 2006-2007, and Rp 44 billion from 2007 to Aug. 26, making a total of Rp 264.2 billion.
Meanwhile, PPA corporate secretary Renny O Rorong told the Post that his firm had prepared the funds.
“The funds are ready. However, we are waiting for Merpati to submit a disbursement appeal in accordance with their needs. If they submit the appeal tomorrow, we will release the funds directly,” he said over the phone on Sunday.
Renny said that the funds were part of PPA’s support for plans to revitalize the airline. Previously, PPA disbursed Rp 300 billion to Merpati in 2009.
The prolonged debts led state oil and gas company PT Pertamina to suspend fuel supplies to Merpati, disturbing the airline’s Oct. 15 flight schedule at Juanda International Airport in Surabaya, and Sultan Hasanuddin International Airport in Makassar.
Pertamina agreed to end its fuel embargo after Merpati promised to pay, (including fines and interest), its first phase debts within a maximum of seven years; the second phase within two years; and the third phase debts immediately after the airline receives the funds from PPA.
Sardjono said that Merpati would use its revenue to pay off earlier debts.
“We will maintain our operations and pay other debts with our revenue,” he said.
Sardjono said Merpati booked revenue at around Rp 3.5 billion to Rp 4.5 billion per day. The airline will spend Rp 3 billion to Rp 3.5 billion per day to pay fuel to Pertamina.
Separately, Merpati spokesman Sukandi said that his company would use the PPA loan in accordance with its restructuring targets, such as improving aircraft capacity and funding operational costs, and paying debts other than those to Pertamina.
“All spending of the loan money from PPA refer to provisions stipulated in Merpati’s business plan, which has been approved by PPA, the government as a shareholder, the House of Representatives and the Finance Ministry,” Sukandi said, declining to give further details on the business plan.
He said he had no information as to when Merpati would submit a disbursement request to PPA.
“However, we will certainly follow up the agreement between PPA and Merpati immediately because we desperately need the funds.”
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