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KESULITAN KEUANGA(FINANCIAL DISTRESS
KELOMPOK 5 :
DWIKI WICAKSONO
LINA HALIDA
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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/
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INSLEN23
Cara pandangstocksmenekankan adanyanet worth (kekayaan ber
yang negatif.
Assets
Debt
Equity
Solvent firm
Assets
Insolvent firm
De
egative Equity
Eq
Stock-based
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INSLEN23
Cara pandangflowsmelihat pada ketidakmampuan perusahaan me
!angka pendek maupun !angka pan!ang.
Contra"tual
obligations
Insolven"y
#
$irm "ash flo%
Cash flo%
shortfall
time
Flow-base insolvency
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APA 3ANG TE45ADI KETIKA PE4USA6ENGALA6I 7INAN2IAL DIST4ESS8
1/ 6%#.ual as%!as%! u!a'a#$a
:/ 6%r,%r *%#,a# %rusaaa# la#
;/ 6%#,ura#, +%la#.a '"*al u#!uk %#%l!a# *a# %#,%'
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ST4ATEGI KETIKA TE45ADI FINANCIAL D
&eoand
eranot
iqu
$inan"ialdistress
$inan"ialrestru"turing
o finan"ial
restru"turing
egalbankrupt"y
*rivate%orkout
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KEBANGK4UTAN- LIKUIDASI- DAN4E4GANISASI
Lku*as '%#,%#!ka# k%,a!a# "%ras %rusaaa# (!
4%"r,a#sas la# u#!uk '%'%r!aa#ka# k%la#,su#,
(!oin! concern) %rusaaa#- * a#!ara#$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%)/
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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# $a#, !%r.a* *ala' 1C0 ar s%+%lu'%#,a.ua# %r'""#a# k%+a#,kru!a#
%) Kla' *ar k"#su'%#) Kla' a.ak,) Kla' kr%*!"r +ak *%#,a# a!au !a#a .a'#a#) Kla' *ar %'%,a#, saa' r%%r%#) Kla' *ar %'%,a#, saa' +asa
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4E4GANISASI
1) P%r'""#a# *aa! *a.uka# "l% %rusaaa# (+oluntar% etition; a!au l%+ kr%*!"r (+sa *a.uka# 1 kr%*!"r .ka .u'la kr%*!"*ar 1:)/ P%r'""#a# k%al!a# "l% kr%*!"r (in+oluntar% etiti*s%r!a k%!%ra#,a# +awa %rusaaa# !*ak '%'+a$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/
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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# $ormal &
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6ENGAPA ADA PE4USAHAAN 3ANG 6E6UNTUK 6ENGGUNAKAN F3R6AL 7AN4R
6%la! alal !%rs%+u!- k%'u*a# !'+ul %r!a#$aa#- '%#,aa $a#, '%'l u#!uk '%#,,u#aka# $ormal &an*rutcies8
8) 6ar!inal Firm
9) :oldouts
;) Comle(it%
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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! $a#, sa'a- '%la'rka# r%#ca#a r%"r,a#sas l%#,ka *%#,a# %rs%!ukr%*!"r/
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P4EDIKSI KEBANGK4UTAN PE4USAHAA6DEL FS24E
D'a#a F a*ala #*%ks k%+a#,kru!a# (#*% " +a#kru!c$) 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-, ++
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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-. ++
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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#/
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TERIMA KASIH