JAKARTA (Yosefardi) – Telecommunication company PT Bakrie Telecom Tbk (BTEL) plans to lay off maximum 400 employees as part of its cost efficiency, Detikfinance.com reported.
Jastiro Abi, president director of BTEL, said the lay off is scheduled for the second quarter of this year. Now, BTEL’s employees total around 1,300.
BTEL is now struggling to escape from the bankruptcy lawsuit or debt standstill proposal filed by its creditors for a total bond debt of US$380 million.
As at September 2014, BTEL’s liability totaled Rp10.94 trillion, of which senior notes accounted for Rp4.63 trillion. Its assets reached Rp7.64 trillion.
BTEL suffered loss of Rp2.29 trillion in first nine months of 2014, widened from Rp1.52 trillion loss in the same period of 2013. Revenue declined 37% to Rp1 trillion from previous Rp1.59 trillion.