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"Obligasi sebagai surat berharga merupakan Efek sebagaimana yang disebutkan dalam Undang-Undang Pasar Modal dan merupakan bentuk surat bukti utang Emiten kepada kreditur obligasi yang harus dibayar lunas pada saat jatuh tempo. Namun seringkali Emiten tidak membayar lunas obligasi tersebut, baik karena Emiten tidak mampu atau tidak mau membayar maupun karena Emiten sedang dalam proses Kepailitan. Salah satu upaya yang dapat dilakukan Emiten untuk membayar obligasinya adalah dengan mengajukan rencana perdamaian melalui Penundaan Pembayaran Kewajiban Utang PKPU . Rencana perdamaian tersebut dapat berupa Debt to Equity Swap. Dalam penelitian ini akan dibahas mengenai tata cara Debt to Equity Swap terhadap obligasi jenis Non-Convertible dalam rangka perdamaian di PKPU, dan bagaimana kedudukan serta peran Wali Amanat sebagai perwakilan dari Pemegang Obligasi dalam proses Debt to Equity Swap. Bentuk penelitian ini disajikan dalam bentuk kajian yuridis normatif, yang menggunakan metode penelitian berupa tinjauan kepustakaan. Obligasi jenis Non-Convertible yang akan melalui proses Debt to Equity Swap dalam rangka PKPU harus melalui upaya pembatalan atau percepatan waktu jatuh tempo sehingga sebelum obligasi batal atau jatuh tempo, peran Wali Amanat dalam proses Debt to Equity Swap masih akan terus ada untuk mewakili pemegang obligasi.

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Bonds are categorized as Commercial Paper in Indonesian Capital Market Law. Bonds that also can be caterogiezed as letter of credit has their maturity date which is the time for the Issuer should pay the bonds to the creditos. But however, it rsquo s a common situation that the issuer doesn rsquo t pay the bonds to the creditors when the maturity day come. It can be happened because the issuer doesn rsquo t want to pay, in a condition of insolvency or in the process of bankruptcy. One of the common way to solve the problem for the creditors to get paid of their bonds is through the process of Suspension of Payment by doing Debt to Equity Swap. This Research will emphasize the Juridical Review of Debt to Equity Swap on Non Convertible Bonds that converted into shares in the Event of The Suspension of Payment. This research will be focused on the procedure Debt to Equity Swap of Non Convertible Bonds in the event of The Suspension of Payment, how Trustee as the representative of Bonds Creditors, participate in the event of Debt to Equity Swap. This research will use normative juridical study and literature review methods. Non Convertible Bonds can be converted for Debt to Equity Swap if the Bonds has already delisted in Capital Market Law or have reached their maturity date. The trustee still have to parcipate as the representative of bonds creditors as long as the bonds haven rsquo t been delisted or reached their maturity date."

"Tesis ini membahas tentang kepastian hukum atas pelaksanaan Debt to Equity Swap terhadap obligasi yang dikonversi menjadi saham dalam rangka penundaan kewajiban pembayaran utang. Berdasarkan Undang-Undang Pasar Modal, obligasi sebagai surat berharga yakni efek atau merupakan bentuk surat bukti utang emiten kepada kreditor pemegang obligasi yang memiliki jangka waktu jatuh tempo pembayaran yang telah ditentukan. Dalam jangka waktunya, dapat dimungkinkan terjadinya keadaan dimana Emiten tidak mampu atau gagal bayar atas utang lain yang dimiliki. Untuk itu, pengajuan perdamaian penundaan kewajiban pembayaran utang menjadi salah satu upaya yang dapat dilakukan guna penataan utang-utang emiten tersebut. Salah satu metode dalam rangka perdamaian di penundaan kewajiban pembayaran utang atas Obligasi yang dimiliki oleh Emiten atau Debitor yaitu Debt to Equity Swap. Dalam tesis ini, dibahas mengenai tata cara pelaksanaan Debt to Equity Swap terhadap Obligasi non-convertible dalam rangka penundaan kewajiban pembayaran utang dan mengenai keberlangsungan waliamanat serta berakhirnya peran sebagai wakil dari kreditor pemegang obligasi dalam menjalankan segala tugas, wewenang serta fungsi berdasarkan perjanjian perwaliamanatan. Metode penelitian yang digunakan adalah yuridis-normatif, dengan sifat penelitian deskriptif-analitis serta dianalisa dengan menggunakan metode kualitatif. Berdasarkan hasil penelitian diperoleh bahwa tidak terdapatnya upaya yang diwajibkan pada pelaksanaan Debt to Equity Swap terhadap Obligasi non-convertible dalam rangka penundaan kewajiban pembayaran utang, melainkan dapat dilakukan melalui upaya yaitu mempercepat jangka waktu Obligasi, serta dalam rangka ini pula keberlangsungan peran waliamanat masih terus berjalan.

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This thesis discusses regarding the legal certainty on the implementation of Debt to Equity Swap on bonds conversion into shares in the event of Suspension of Debt Payment Obligation. Based on Indonesian Capital Market Law, bonds are commercial paper or are forms of proof of issuer's debt to bondholders as creditors who have a predetermined term of payment. Within such period of time of bonds, it is possible for a situation which will be occurred where the Issuer is unable or default on other debts held. For this reason, the reconciliation petitionof the Suspension of Debt Payment Obligation is one of the efforts that can be made to restructure the issuer's debts. One method in the form of restructuring debton the Suspension of Debt Payment Obligation on bonds held by issuers or debtors, namely Debt to Equity Swap. This thesis will be focused on the implementation of Debt to Equity Swap on non-convertible bonds in order to Suspension of Debt Payment Obligation and regarding the continuity of the Trustee and the end of the role as representative of the bond holders as creditors in carrying out all duties, authorities and functions based on the trustee agreement. The form of this research is juridical-normative, with the nature of descriptive-analytical research and analyzed using qualitative methods. On the basis of the conditions described, there is no compulsory effort in the implementation of Debt to Equity Swap against non-convertible bonds in the event of Suspension of Debt Payment Obligation, but can be done by accelerating the term of the Bonds, as well as the Trustee role still be continued."

"The motivation behind this research is rather a glance of the true purpose behind the meaning of suspension of payment obligations and the clear solution it's commonly faced with. Ever since man conceived of commerce, all entities concerned with trading are faced with the threat of a downfall, of lack of capital and/or resources to further its own end, thus is term bankruptcy. Since also the time of when the first corporations were set up in ancient Rome, the idea of a mechanism of a share or an ownership in which these primal system of trading were initiated, entities divide the ownership of these companies by means of a share or a stock. Thereby, those possessing capital may become investors in which they partake an involvement in the trading activity of the company they invested in through capital contributions. While it is the most acknowledged and upstanding of concept in the business world, shares were specifically and are legally set up in order for it to perform in a much more refined and adoptable way throughout time. As the cornerstone of commercial activity and/or early forms of corporate finance, shares are regarded as a payment obligation that a corporation must fulfill to their holders. Hence, the concept of shares are closely linked with that of bankruptcy. This research proposes a clear solution to the challenges that many businesses today are faced with in terms of bankruptcy. Whether or not it is worth converting debts into shares, of course, lies in the decision that were made between the conflicting parties. However, the fact that such action truly present a solution to their problem remain specifically and objectively to the benefits that each party obtains. This research approaches the problem through the case study of suspension of payment obligation to prevent the bankruptcy of P.T. Bakrie Telecom Tbk. that was presented by P.T. Netwave Multi Media and were decided that the debts be converted into shares. In a long run, the decisions that were made seem solid, as if all debts were to be fulfilled on specified time. However, there are assumptions as well as the probability whereby such time extension may prove to be quite risky and are frivolous in nature. This research thus seeks to enlighten the fact that the court of law fully supports the legality and the solidity of the conversion of debts into shares and how suspension of payment obligation may well benefit both parties, the debtor as well as the creditor, in the long run."

"Perseroan terbatas wajib untuk menawarkan saham kepada para pemegang saham yang telah ada atas saham baru yang dikeluarkannya, atau dikenal dengan hak memesan efek terlebih dahulu. Atas kewajiban untuk menawarkan saham baru tersebut terdapat beberapa pengecualian, dimana salah satunya adalah dalam hal konversi utang menjadi penyertaan saham dalam perseroan terbatas yang telah disetujui oleh Rapat Umum Pemegang Saham. Pengecualian tersebut kerap kali menimbulkan terdilusinya saham yang dimiliki oleh pemegang saham seperti dalam kasus Putusan Mahkamah Agung Republik Indonesia Nomor 118 PK/Pdt/2017. Adapun rumusan masalah yang dibahas yaitu terkait akibat hukum konversi utang sebagai bentuk kompensasi tagihan yang mengakibatkan dilusi saham, fakta dan penerapan hukum atas gugatan pembatalan Akta Pernyataan Keputusan Rapat dan perbandingan ketentuan mengenai permodalan dan saham perseroan terbatas dalam kaitannya dengan konversi utang sebagai kompensasi tagihan dalam Undang-Undang Perseroan Terbatas tahun 1995 dan 2007. Penelitian ini menggunakan metode pendekatan yuridis normatif dengan tipe penelitian eksplanatoris. Hasil penelitian menyatakan bahwa konversi utang sebagai bentuk kompensasi tagihan dianggap sebagai setoran saham sepanjang telah memenuhi ketentuan dan persyaratan yang diatur oleh peraturan perundang-undangan dan anggaran dasar. Terhadap pemegang saham yang dirugikan haknya atas konversi utang tersebut, tidak terdapat perlindungan hukum secara spesifik, namun pemegang saham terkait dapat mengajukan gugatan ke pengadilan negeri dan/atau meminta sahamnya untuk dibeli kembali oleh perusahaan dengan harga yang wajar. Penerapan hukum terkait dengan gugatan pembatalan Akta Pernyataan Keputusan Rapat dalam Putusan Mahkamah Agung Republik Indonesia Nomor 118 PK/Pdt/2017 sebagian telah tepat, kecuali terkait dengan jangka waktu pemanggilan Rapat Umum Pemegang Saham. Perbedaan pengaturan mengenai konversi utang sebagai kompensasi tagihan dalam Undang-Undang Perseroan Terbatas tahun 1995 dan 2007 adalah dalam rezim yang berlaku saat ini, pemegang saham yang telah ada tidak memiliki hak untuk mendapatkan penawaran terlebih dahulu dari perseroan dalam hal perseroan melakukan penerbitan saham baru yang diakibatkan karena konversi utang tersebut, hal mana dapat memberikan risiko terdilusinya persentase kepemilikan saham yang dimiliki oleh pemegang saham.

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A limited liability company is obliged to offer shares to the existing shareholders prior the issuance of new shares, or known as pre-emptive rights. There are several exemptions to the obligation to offer the new shares, one of which is the debt to equity conversion relating to shares subscription in a limited liability company which has been approved by the General Meeting of Shareholders. The exemption often leads to dilution of shares owned by the existing shareholders as can be seen in the Supreme Court of Indonesia’s Decision Number 118 PK/Pdt/2017. The issues in this thesis are related to legal consequences of debt to equity conversion as a form of claims compensation resulting dilution of shares, legal fact and application regarding claim for cancellation of the General Meeting of Shareholders’ Resolutions and comparison of the provisions regarding capital and shares of a limited liability company in relation to debt to equity conversion in the Limited Liability Company Law 1995 and 2007. This study is carried out in normative-jurisdictional approach with explanatory research as a type of research. The outcome of this study shows that the debt conversion as a form of claim compensation is considered as subscription of shares as long as it has met the terms and conditions stipulated by the laws and regulations and the articles of association of related company. There is no specific legal protection against shareholders whose rights have been impaired, however, the relevant shareholders may submit a lawsuit to a district court and/or request the company to buy back their shares at a fair price. Supreme Court of Indonesia’s Decision Number 118 PK/Pdt/2017 regarding the claim for cancellation of the General Meeting of Shareholders’ Resolutions Statement is partly correct, except concerning the call for the General Meeting of Shareholders period. The difference in regulation regarding debt to equity conversion in the Limited Liability Company Law of 1995 and 2007 is that in the current regime, existing shareholders do not have the right to obtain a prior offer from the company prior to the issuance of new shares. because of the debt conversion, which can give the risk of diluting the percentage of share ownership owned by shareholders which may lead to dilution of the percentage of share ownership owned by the existing shareholders."

"

Penelitian ini bertujuan untuk mengkaji mengenai perilaku waktu dan melihat permasalahan dari perspektif waktu pasar ekuitas dan utang yang mempengaruhi keputusan pendanaan eksternal perusahaan keluarga di ASEAN dan juga melakukan pembaharuan untuk menguji pengaruh krisis ekonomi global. Sampel dari penelitian ini adalah 30 induk perusahaan keluarga ASEAN yang telah IPO selama periode 2003-2022 dengan teknik regresi data panel. Hasil menunjukkan bahwa ada pengaruh negatif signifikan pada waktu pasar ekuitas pada market leverage dan positif signifikan pada waktu pasar utang pada book leverage serta pengaruh positif signifikan pada krisis ekonomi tahun 2008-2009 dan 2020-2021 pada keseluruhan leverage. Hasil ini akan memberikan pandangan baru terhadap praktisi, regulator, dan akademisi mengenai keputusan pendanaan perusahaan keluarga.

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The purpose of this study is to evaluate the behavior of time and challenges in debt and equity market timing of family companies in ASEAN as well as updates to observe how the global economic crisis is affecting the external funding decisions. The sample of this study were 30 ASEAN family companies that had IPOs during the 2003-2022 period using the panel data regression technique. The findings show that there is a strong negative significant with market leverage testing on the timing of the equity market, a positive significant with book leverage testing on the timing of the debt market, and a positive significant with economic crises for the periods 2008-2009 and 2020-2021 with all leverage testing. These findings will provide practitioners, regulators, and academic insights into family companies finance decisions.

"

"Utang merupakan salah satu opsi untuk Perseroan yang ingin mengembangkan usahanya, tetapi memiliki keterbatasan dana. Meskipun, terkadang utang itu tidak dapat dilunasi oleh debitornya. Sehingga, memaksa kreditor menempuh upaya hukum, di antaranya adalah gugatan wanprestasi, gugatan perbuatan melawan hukum, permohonan pernyataan pailit, dan permohonan penundaan kewajiban pembayaran utang (PKPU) yang masing-masing memiliki tujuan dan akibat hukum yang berbeda. Menjadi masalah ketika para kreditor menghendaki untuk memberikan kesempatan bagi debitor untuk melunasi utangnya serta menlanjutkan usahanya, tetapi Pengadilan justru menolak dengan alasan nilai tagihan utang terlalu kecil. Hal tersebut ditemui pada kasus Putusan No. 446/Pdt.Sus-PKPU/2021/PN Niaga Jkt Pst. Berdasarkan analisis hukum yang diuraikan, Majelis Hakim menyatakan bahwa seluruh syarat PKPU dalam Undang-Undang No. 37 Tahun 2004 (UUK-PKPU) telah terpenuhi. Namun, Majelis Hakim menolak permohonan tersebut dengan alasan UUK-PKPU tidak mengatur jumlah minimum tagihan, tetapi terdapat Perma No. 4 Tahun 2019 yang mengatur mengenai tata cara gugatan sederhana. Sehingga, oleh karena nilai tagihan pada kasus ini di bawah Rp500.000.000,00, Majelis Hakim menolak permohonan PKPU. Atas putusan tersebut, terdapat dissenting opinion yang menyatakan pemberian PKPU Sementara beralasan hukum untuk dikabulkan. Oleh karena itu, penulis membahas fenomena ini dengan tujuan untuk memberikan pengetahuan kepada masyarakat mengenai upaya hukum yang tepat berdasarkan tujuan yang ingin dicapai. Selain itu, pembahasan ini menjadi suatu hal yang memiliki urgensi karena dapat menjadi preseden atas kasus serupa. Dalam menganalisis kasus tersebut, penulis menyusun penelitian yang menerapkan metode yuridis normatif dengan pendekatan kualitatif, di mana penulis menganalisis kedudukan Perma No. 4 Tahun 2019 terhadap UUK-PKPU dan analisis penolakan PKPU yang ditinjau dari Asas Kelangsungan Usaha. Hasil dari penilitian ini adalah Perma No. 4 Tahun 2019 bukanlah peraturan pelengkap dan tidak relevan terhadap permohonan PKPU. Selain itu, pemberian PKPU merupakan implementasi dari Asas Kelangsungan Usaha yang mana dapat memberikan kesempatan bagi debitor untuk melanjutkan usahanya, serta melunasi utang-utangnya.

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Debt is an option for companies that want to expand their business, but have limited funds. Although, sometimes the debt cannot be repaid by the debtor. Thus, forces creditors to take legal action, including lawsuits for default, lawsuits against the law, requests for bankruptcy statements, and requests for suspension of payment (PKPU), each of which has a different purpose and legal consequences. It becomes a problem when the creditors want to allow the debtor to pay off his debts and continue his business, but the Court refuses because the value of the debt invoice is too small. This was found in the case of Decision No. 446/Pdt.Sus-PKPU/2021/PN Niaga Jkt Pst. Based on the legal analysis described, the Panel of Judges stated that all PKPU requirements in Law no. 37 of 2004 (UUK-PKPU), have been fulfilled. However, the Panel of Judges rejected the request because UUK-PKPU does not regulate the minimum amount of bills, but there is Perma No. 4 of 2019 which regulates the procedures for simple lawsuits. So, because the value of the invoice, in this case, was below IDR 500,000,000.00, the Panel of Judges rejected the PKPU request. Regarding this decision, there was a dissenting opinion that stated that the temporary PKPU had legal reasons to be granted. Therefore, the author discusses this phenomenon to provide information to the public regarding appropriate legal remedies based on the objectives to be achieved. In addition, this discussion becomes a matter of urgency because it can set a precedent for similar cases. In analyzing the case, the authors compiled a study using normative juridical methods with a qualitative approach, in which the authors analyzed the position of Perma No. 4 of 2019 against UUK-PKPU and an analysis of PKPU rejection in terms of the Going Concern Principle. The result of this research is Perma No. 4 of 2019 is not a complementary regulation and is irrelevant to the PKPU application. In addition, PKPU is an implementation of the Going Concern Principle which can provide opportunities for debtors to continue their business and pay off their debts.

"

"Seiring berkembangnya teknologi dan informasi telah terjadi berbagai perubahan yang memengaruhi sistem hukum yang berlaku di Indonesia, salah satunya adalah alat bukti elektronik Informasi Debitur Sistem Layanan Informasi Keuangan yang digunakan dalam perkara Penundaan Kewajiban Pembayaran Utang. Penelitian ini bertujuan untuk mengetahui kekuatan pembuktian Informasi Debitur Sistem Layanan Informasi Keuangan pada perkara Penundaan Kewajiban Pembayaran Utang setelah adanya Peraturan Otoritas Jasa Keuangan Nomor 18/POJK.03/2017 (POJK 2017) dan perbandingan kekuatan pembuktian Informasi Debitur Sistem Layanan Informasi Keuangan sebelum dan setelah berlakunya Surat Keputusan Ketua Mahkamah Agung Nomor 109/KMA/SK/IV/2020 pada perkara Penundaan Kewajiban Pembayaran Utang. Penelitian ini menggunakan metode yuridis normatif yang dilakukan secara deskriptif menggunakan data sekunder. Data sekunder yang digunakan mencakup bahan hukum primer, bahan hukum sekunder, dan tersier. Data sekunder tersebut diperoleh dari studi kepustakaan atau studi dokumen. Untuk melengkapi data tersebut dilakukan wawancara dengan narasumber. Hasil penelitian ini menemukan bahwa kekuatan pembuktian Informasi Debitur Sistem Layanan Informasi Keuangan adalah bebas yaitu hakim tidak terikat dengan alat bukti tersebut dan penilaian alat bukti tersebut diserahkan sepenuhnya kepada hakim untuk menemukan kebenaran formil. Setelah berlakunya Surat Keputusan Ketua Mahkamah Agung Nomor 109/KMA/SK/IV/2020, alat bukti Informasi Debitur Sistem Layanan Informasi Keuangan harus didukung bukti lain yang menunjukkan adanya utang yang tercantum dalam Informasi Debitur Sistem Layanan Informasi Keuangan. Saran dari penelitian ini adalah Otoritas Jasa Keuangan harus lebih cermat dan selalu melakukan pemutakhiran data Informasi Debitur Sistem Layanan Informasi Keuangan secara berkala.

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Along with the development of technology and information, there have been various changes that affect the legal system in Indonesia, one of which is electronic evidence of the Debtor Information of the Financial Information Service System used in the Debt Payment Obligation Delay case. This study aims to determine the evidentiary power of the Financial Information Service System Debtor Information in the Debt Payment Obligation Delay case after the Financial Services Authority Regulation Number 18/POJK.03/2017 and the comparison of the evidentiary power of the Debtor Information of the Financial Information Service System before and after the enactment of the Decree of the Chief Justice of the Supreme Court Number 109/KMA/SK/IV/2020 in the Debt Payment Obligation Delay case. This research uses a normative juridical method that is carried out descriptively using secondary data. Secondary data used includes primary legal materials, secondary legal materials, and tertiary. The secondary data is obtained from literature studying or document studying. Interviews with sources were conducted to complete the data. The results of this study found that the evidentiary value of the Financial Information Service System Debtor Information is free. The judge is not bound by the evidence. Then, the assessment of the evidence is left entirely to the judge to find the formal truth. After the enactment of the Decree of the Chief Justice of the Supreme Court Number 109/KMA/SK/IV/2020, evidence of the Debtor Information of the Financial Information Service System must be supported by other evidence that shows the existence of debts listed in the Financial Information Service System the Debtor Information. The suggestion from this study is that the Financial Services Authority must be more careful and always update the Debtor Information of the Financial Information Service System data regularly."

"ABSTRAKTesis ini membahas tentang Prinsip Asas Proporsionalitas dalam Peraturan Bapepam-LK Nomor VI.C.4. Wali Amanat sebagai pihak yang ditunjuk dan dibayar oleh Emiten, mengakibatkan kedudukan Emiten yang lebih ldquo;tinggi rdquo; tersebut mudah mempengaruhi pelaksanaan Perjanjian Perwaliamanatan. Tesis ini bertujuan untuk mengetahui urgensi perwujudan Prinsip Asas Proporsionalitas dalam Perjanjian Perwaliamanatan sebagai instrument perlindungan hukum. Penulisan Tesis ini menggunakan metode Yuridis Normatif Normatif Legal Research , melalui pendekatan undang-undang. Berdasarkan hasil penelitian dapat diketahui bahwa terdapat urgensi Prinsip Asas Proporsionalitas dalam Perjanjian Perwaliamanatan untuk mengatur pelaksanaan hak dan kewajiban para pihak dalam Perjanjian Perwaliamanatan.

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ABSTRACT This thesis discusses the Principles of The Proportionality Principle in Bapepam LK Regulation Number VI.C.4. Trustee as the party appointed and paid by the Issuer, resulting in the positions of the more high Issuer easily affect the implementation of the Trustee Agreement. This thesis aims to find out the urgency of the principle embodiment of Proportionality Principle in Trustee Agreement as legal protection instrument. The writing of this thesis uses normative legal method Normative Legal Research , through the approach of law. Based on the results of the research can be seen that there is urgency Principle of Proportionality Principle in Trustee Agreement to regulate the implementation of rights and obligations of the parties in the Trustee Agreement."

"Skripsi ini membahas mengenai ketidaksesuaian penerapan ketentuan hukum terkait pengajuan permohonan kasasi terhadap putusan PKPU dalam perkara PKPU PT Garuda Indonesia (Persero) Tbk, dan juga perbandingan mekanisme dan akibat hukum antara skema debt to equity swap dengan konversi Mandatory Convertible Bond (MCB). Metode penelitian yang digunakan dalam skripsi ini adalah yuridis-normatif dengan 2 (dua) pendekatan, yaitu pendekatan peraturan perundang-undangan (statutory approach) dan pendekatan konseptual (conceptual approach). Penelitian ini menganalisis pelaksanaan proses PKPU PT Garuda Indonesia (Persero) Tbk sejak diajukannya permohonan PKPU hingga dijatuhkannya putusan kasasi oleh Mahkamah Agung. Penelitian ini juga menganalisis mekanisme restrukturisasi utang dengan skema debt to equity swap dan konversi Mandatory Convertible Bond (MCB), yang merupakan bagian dari metode-metode restrukturisasi utang yang diajukan oleh PT Garuda Indonesia (Persero) Tbk dalam Rencana Perdamaian, dengan turut memperhatikan kesesuaian penerapannya dengan peraturan perundang-undangan terkait. Tujuan umum penelitian ini adalah untuk menelaah dan memahami perbandingan mekanisme dan akibat hukum antara debt to equity swap dengan Konversi Mandatory Convertible Bond (MCB) sebagaimana yang diajukan oleh PT Garuda Indonesia (Persero) Tbk dalam Rencana Perdamaian sehubungan dengan PKPU. Adapun tujuan khusus dari penelitian ini adalah untuk mengetahui aspek-aspek penting dalam kepailitan, PKPU, restrukturisasi utang secara umum, dan restrukturisasi utang dengan skema debt to equity swap dan Konversi Mandatory Convertible Bond (MCB). Selain itu, tujuan khusus penelitian ini adalah juga untuk menganalisis mengenai bagaimana kesesuaian penerapan ketentuan hukum dalam perkara PKPU PT Garuda Indonesia (Persero) Tbk. Hasil penelitian skripsi ini menunjukkan bahwa terdapat ketidaksesuaian penerapan ketentuan upaya hukum kasasi dalam perkara PKPU PT Garuda Indonesia (Persero) Tbk. Pengajuan kasasi dalam perkara ini tidak memenuhi syarat pengajuan kasasi sebagaimana yang diatur dalam Putusan Mahkamah Konstitusi No. 23/PUU-XIX/2021. Selain itu, hasil penelitian ini juga menunjukkan bahwa terdapat beberapa persamaan dan perbedaan mekanisme dan akibat hukum antara skema debt to equity swap dengan konversi Mandatory Convertible Bond (MCB)

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This thesis examines the inappropriateness of the application of the legal provisions related to the cassation submission against PKPU decision in the PKPU case of PT Garuda Indonesia (Persero) Tbk, as well as the comparison of the mechanisms and legal consequences between debt to equity swap scheme and Mandatory Convertible Bond (MCB) Conversion. The research method used in this thesis is juridical-normative with 2 (two) approaches, namely statutory approach and conceptual approach. This research analyzes the PKPU process of PT Garuda Indonesia (Persero) Tbk from the application time of the PKPU until the issuance of the Supreme Court's cassation decision. This research also analyzes the mechanism of debt restructuring with the debt to equity swap scheme and the conversion of the Mandatory Converible Bond (MCB), which are parts of the debt restructuring methods proposed by PT Garuda Indonesia (Persero) Tbk in the Composition Plan, by also taking into account their compliance with the related laws and regulations. The general objective of this research is to examine and understand the comparison of mechanisms and legal consequences between the debt to equity swap and the Mandatory Convertible Bond (MCB) conversion as proposed by PT Garuda Indonesia (Persero) Tbk in the Composition Plan in relation to the PKPU. The specific objective of this study is to determine the important aspects of insolvency, PKPU, debt restructuring in general, and debt restructuring with a debt to equity swap scheme and Mandatory Convertible Bond (MCB) conversions. In addition, the specific objective of this research is also to analyze how appropriate the application of legal provisions is in the PKPU case of PT Garuda Indonesia (Persero) Tbk. The results of this thesis research indicate that there is a discrepancy in the application of provisions related to cassation in the PT Garuda Indonesia (Persero) Tbk PKPU case. The submission of cassation in this case does not meet the requirements for cassation submission as stipulated in the Constitutional Court Decision No. 23/PUU-XIX/2021. In addition, the results of this research also show that there are some similar and different mechanisms and legal consequences between the debt to equity swap scheme and the Mandatory Convertible Bond (MCB) conversion."