Penyelesaian Utang Konstruksi Badan Usaha Milik Negara: Kerangka Special Purpose Vehicle Bebas-Kepailitan dan Model Bad Co/Good Co bagi Restrukturisasi BUMN di Pasar Negara Berkembang
DOI:
https://doi.org/10.62710/t7yd0x40Keywords:
Insolvensi BUMN; Restrukturisasi Utang; Bad Co/Good Co; SPV Bebas-Kepailitan; Perlindungan Konsumen.Abstract
Krisis insolvensi pada badan usaha milik negara (BUMN) sektor konstruksi menghadirkan kompleksitas finansial dan yuridis, khususnya berkenaan dengan pemenuhan kewajiban terhadap konsumen ritel tanpa jaminan. Kajian ini mengonstruksi Kerangka Pemulihan Danantara melalui perpaduan pemisahan aset Bad Co/Good Co dengan Special Purpose Vehicle bebas-kepailitan untuk Penyelesaian Aset Properti (SPV-PAP). Pendekatan yang digunakan berupa desain eksploratif sekuensial campuran (mixed-methods) yang mengintegrasikan pemodelan forensik keuangan melalui uji tekanan solvabilitas dengan telaah doktrinal-normatif berlandaskan Undang-Undang Kepailitan Indonesia (UU No. 37/2004) serta prinsip kepailitan internasional UNCITRAL. Pemodelan neraca berdasarkan kasus ilustratif yang digayakan memperlihatkan bahwa rekonstruksi struktur kewajiban melalui Debt-to-Equity Swap (DES), isolasi aset bermasalah, serta pembentukan SPV-PAP berpotensi memulihkan ekuitas entitas operasional ke posisi positif tanpa mengharuskan injeksi dana talangan tunai secara menyeluruh dari negara. Parameter numerik yang digunakan dalam simulasi bersumber dari data keuangan agregat yang dipublikasikan secara resmi oleh BUMN konstruksi Indonesia dan dikalibrasi untuk merefleksikan kondisi leverage ekstrem; namun demikian, parameter tersebut tidak merepresentasikan entitas tertentu secara spesifik. Defisit residual pada Bad Co dapat dikarantina melalui mekanisme penghapusan risiko berdaulat secara terbatas, sedangkan aset properti dialihkan melalui true sale pada nilai pasar wajar guna memperkukuh ketahanan yuridis struktur. Kerangka ini merepresentasikan alternatif resolusi yang berpotensi direplikasi pada problematika insolvensi BUMN dan entitas kuasi-negara di pasar berkembang.
Downloads
References
Agustin, E. S. A. S., Listiyanto, E., & Komaria, N. (2025). Debt sustainability of state-owned enterprises in Indonesia. Cogent Business & Management, 12(1), Article 2453822. https://doi.org/10.1080/23311975.2025.2453822
American Bar Association, Committee on Securitization and Structured Finance. (2022). Bankruptcy remoteness: A summary analysis. The Business Lawyer, 77(3), 45–62.
Bao, H. X. H., Wang, Z., & Wu, R. L. (2023). Understanding local government debt financing of infrastructure projects in China: Evidence based on accounting data from local government financing vehicles. Journal of Infrastructure, Policy and Development, 7(2), Article 2145. https://doi.org/10.24294/jipd.v7i2.2145
Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2015). State-owned enterprises around the world as hybrid organizations. Academy of Management Perspectives, 29(1), 92–114. https://doi.org/10.5465/amp.2013.0069
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002
Creswell, J. W., & Plano Clark, V. L. (2018). Designing and conducting mixed methods research (3rd ed.). Sage Publications.
Ferrarini, B., & Hinojales, M. (2019). State-owned enterprises leverage as a contingency in public debt sustainability analysis: The case of the People's Republic of China (ADB Economics Working Paper Series No. 534). Asian Development Bank. https://doi.org/10.22617/WPS190574-2
Gelpern, A. (2016). Sovereign debt restructuring: The need for a new approach. Inter-American Development Bank. https://doi.org/10.18235/0000411
Gilson, S. C. (2010). The mechanics of distressed M&A. Journal of Applied Corporate Finance, 22(2), 8–16. https://doi.org/10.1111/j.1745-6622.2010.00271.x
Gordon, T. J. (2000). Securitization of executory future flows as bankruptcy-remote true sales. University of Chicago Law Review, 67(4), 1317–1358.
Hendy, P., Ryan, E., & Taylor, G. (2024, October). The ABCs of LGFVs: China's local government financing vehicles. Reserve Bank of Australia Bulletin.
Insolvency and Bankruptcy Code (Amendment) Act, 2018 (India).
International Monetary Fund. (2020). Chapter 3: State-owned enterprises: The other government. In Fiscal monitor: Policies for the recovery (April 2020). International Monetary Fund.
International Monetary Fund. (2022). People's Republic of China: Selected issues—Local government financing vehicles revisited (IMF Country Report No. 22/022). International Monetary Fund.
Kementerian Badan Usaha Milik Negara Republik Indonesia. (2024). Laporan kinerja BUMN konstruksi 2024. Kementerian BUMN.
Klee, K. N., & Butler, B. C. (2002). Asset-backed securitization, special purpose vehicles and other securitization issues. Uniform Commercial Code Law Journal, 35, 23–46.
Klingebiel, D., & Laeven, L. (2010). National resolutions of systemic banking crises. Journal of Financial Intermediation, 19(2), 202–226. https://doi.org/10.1016/j.jfi.2009.02.002
Mahkamah Agung Republik Indonesia. (2018). Putusan Nomor 45 K/Pdt.Sus-Pailit/2018.
Mahkamah Agung Republik Indonesia. (2020). Putusan Nomor 123 K/Pdt.Sus-Pailit/2020.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://doi.org/10.1016/0304-405X(77)90015-0
Norton Rose Fulbright. (2018, December). Buying assets from financially distressed sellers. Norton Rose Fulbright.
Pearce, J. A., II, & Lipin, I. (2011). Special purpose vehicles in bankruptcy litigation. Hofstra Law Review, 40(1), Article 6.
PT Danantara Investment Management. (2024). Laporan keuangan konsolidasian 2024. Danantara.
Real Estate (Regulation and Development) Act, 2016 (RERA) (India).
Reinhart, C. M., & Rogoff, K. S. (2009). This time is different: Eight centuries of financial folly. Princeton University Press.
Sayidah, N., Assagaf, A., & Faiz, Z. (2020). Does earning management affect financial distress? Evidence from state-owned enterprises in Indonesia. Cogent Business & Management, 7(1), Article 1832826. https://doi.org/10.1080/23311975.2020.1832826
Sayidah, N., Assagaf, A., & Possumah, B. T. (2019). Determinant of state-owned enterprises financial health: Indonesia empirical evidence. Cogent Business & Management, 6(1), Article 1600207. https://doi.org/10.1080/23311975.2019.1600207
Shleifer, A. (1998). State versus private ownership. Journal of Economic Perspectives, 12(4), 133–150. https://doi.org/10.1257/jep.12.4.133
Sutopo, B., Adiati, A. K., & Siddi, P. (2021). Is the higher debt level profitable for state-owned enterprises? International Journal of Economics and Business Administration, 9(1), 243–256. https://doi.org/10.35808/ijeba/670
Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang.
Warren, E. (2018). The bankruptcy system and the social contract. Harvard Law Review, 131(4), 1015–1042.
Wibowo, F. A., Satria, A., Gaol, S. L., & Indrawan, D. (2024). Financial risk, debt, and efficiency in Indonesia's construction industry: A comparative study of SOEs and private companies. Journal of Risk and Financial Management, 17(7), Article 303. https://doi.org/10.3390/jrfm17070303
World Bank, & Oliver Wyman. (2021). Listing state-owned enterprises in emerging and developing economies: Lessons learned from 30 years of success and failure. World Bank Group. https://doi.org/10.1596/978-1-4648-1648-2
Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). Sage Publications.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Tomi Syavitra (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
