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"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."

"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."

"Skripsi ini membahas mengenai penolakan pengesahan atau homologasi rencana perdamaian dalam perkara Penundaan Kewajiban Pembayaran Utang (PKPU) yang dialami oleh PT Korea World Center Indonesia (PT KWCI) yang berakhir pada kepailitan. Penulis melakukan tinjauan hukum mengenai isu tersebut mulai dari segi utang yang dimiliki Debitur sebagai syarat mengajukan permohonan PKPU ke Pengadilan Niaga hingga segi imbalan jasa Pengurus yang tidak dibayarkan atau tidak dijamin pembayarannya yang menyebabkan Debitur jatuh pailit. Tujuan dari penelitian ini adalah untuk mengetahui penerapan dari pengertian utang menurut Undang-Undang No. 37 Tahun 2004 sebagai syarat permohonan PKPU dan mengetahui apakah Bilyet Giro dapat dianggap sebagai alat pembayaran maupun jaminan pembayaran bagi imbalan jasa Pengurus dalam perkara PKPU. Metode penelitian yang akan digunakan dalam penelitian ini merupakan metode penelitian yang bersifat kualitatif, yaitu penelitian yang menghasilkan data yang bersifat deskriptif analitis. Penelitian ini termasuk ke dalam penelitian hukum normatif, di mana Penulis menggunakan sumber dari bahan hukum primer, sekunder, dan tersier. Dari penelitian ini diketahui bahwa Undang-Undang No. 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang (UUK-PKPU) mendefinisikan utang secara luas, sehingga ganti kerugian materil atas putusan Perbuatan Melawan Hukum (PMH) yang telah berkekuatan hukum tetap (in kracht) dapat dikatakan sebagai utang sebagai syarat permohonan PKPU. Selain itu, diketahui pula bahwa Bilyet Giro dapat dianggap sebagai alat pembayaran maupun jaminan pembayaran bagi imbalan jasa Pengurus dalam perkara PKPU apabila penerbitan, pengunjukan, dan pemrosesannya sesuai dengan peraturan perundang-undangan yang berlaku.

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This thesis discusses the rejection of the ratification or homologation of the composition plan in the case of Suspension of Debt Payment Obligations Process (PKPU) experienced by PT Korea World Center Indonesia (PT KWCI) which ended in bankruptcy. The author conducts a legal review of this issue, starting from the aspect of debt owned by the Debtor as a condition for submitting a PKPU application to the Commercial Court to the aspect of Management fees that are not paid or the payment is not guaranteed which causes the Debtor to go bankrupt. The purpose of this study is to determine the application of the definition of debt according to Law No. 37 of 2004 as a requirement for PKPU application and to find out whether the Bilyet Giro can be considered as a means of payment or as a guarantee of payment for the Management's services in a PKPU case. The research method used in this research is a qualitative research method, namely research that produces data that is descriptive and analytical. This research is included in normative legal research, where the author uses sources from primary, secondary, and tertiary legal materials. From this research it is known that Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations Process (UUK-PKPU) broadly defines debt, so that material compensation for the decision on Unlawful Acts (PMH) which has permanent legal force (in kracht) can be said to be debt as a requirement for PKPU application. In addition, it is also known that Bilyet Giro can be considered as a means of payment as well as a guarantee of payment for Management's compensation in a PKPU case if the issuance, appointment and processing are in accordance with the prevailing laws and regulations."

"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."

"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."

"Pandemi Covid-19 telah menjadi tantangan global. Salah satu dampaknya terlihat pada perusahaan yang menggunakan pendanaan melalui debt financing mengalami kredit macet. Ketika perusahaan selaku debitur mengalami kesulitan keuangan yang serius, perusahaan dapat mengajukan homologasi Penundaan Kewajiban Pembayaran Utang (PKPU). Tingginya tingkat perkara PKPU mendorong perusahaan mempertimbangkan konsekuensi akuntansi dan perpajakan atas homologasi PKPU. Penelitian ini menggunakan metode penelitian pendekatan kualitatif untuk memberikan gambaran analisis untuk memahami dan mengeksplorasi problematika terkait perlakuan perpajakan atas restrukturisasi utang baru dalam homologasi PKPU. Hasil penelitian menunjukkan bahwa terminologi seperti penghapusan utang dan pembebasan utang dalam konteks perpajakan menekankan substansi transaksi (substance over form), khususnya penambahan kemampuan ekonomis dan aspek legalitasnya. Penerapan perpajakan pada homologasi PKPU dengan dan tanpa haircut melibatkan pertimbangan substansial, dengan fokus pada peningkatan kemampuan ekonomis sebagai kunci pengakuan penghasilan kena pajak. Dalam konteks perpajakan, pajak penghasilan dikenakan pada pendapatan yang telah direalisasikan atau diterima dalam bentuk kas atau aset yang dapat dinilai, sehingga unrealized gain pada diskonto utang tidak memenuhi kriteria untuk diakui sebagai penghasilan kena pajak. Otoritas pajak diharapkan dapat merumuskan kebijakan perpajakan atas penghapusan utang dengan mempertimbangkan ability to pay debitur dan mengembangkan framework yang dapat memberikan panduan praktis bagi perusahaan dalam praktik homologasi PKPU khususnya terkait penghapusan utang.

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The Covid-19 pandemic has emerged as a global challenge, particularly impacting companies utilizing debt financing, resulting in defaults. When companies, acting as debtors, face severe financial difficulties, they may seek a moratorium through the Suspension of Debt Payment Obligations (PKPU). The high rate of PKPU cases urges companies to consider the accounting and tax consequences of PKPU homologation. This qualitative research employs a qualitative research approach to provide an analytical overview, understanding, and exploration of tax treatment issues concerning the restructuring of debt within PKPU homologation. The findings underscore that terminology such as debt write-off and debt relief in the tax context emphasizes the substance of the transaction (substance over form), particularly the enhancement of economic capacity and its legal aspects. The tax application in PKPU homologation, whether with or without a haircut, involves substantial considerations, focusing on the enhancement of economic capacity as a key factor in recognizing taxable income. In the tax context, income tax is levied on realized or received income in the form of cash or assessable assets, rendering unrealized gains on long-term debt discount ineligible for tax recognition. Tax authorities are expected to formulate tax policies on debt write-offs by considering the ability to pay of debtors and developing a framework providing practical guidance for companies in the practice of PKPU homologation, particularly concerning debt write-offs.

"

"Tesis ini membahas mengenai perlindungan terhadap pembayaran upah buruh dan pemenuhan hak-hak buruh yang timbul akibat PHK pada perusahaan yang dinyatakan pailit berdasarkan undang-undang kepailitan dan ketenagakerjaan, dengan studi kasus kepailitan PT Fit U Garment Industry. Penelitian ini menguraikan mengenai buruh sebagai salah satu kreditor dari debitor pailit yang harus bersanding dengan kreditor-kreditor lainnya dalam mendapatkan pembayaran upah buruh dan hak-hak buruh lainnya dari harta pailit. Penelitian ini bertujuan untuk menjawab permasalahan sebagai berikut; pertama, Bagaimana kedudukan tagihan upah buruh dan hak-hak buruh lainnya dalam urutan prioritas pembayaran utang. Kedua, Bagaimana upaya yang dapat dilakukan oleh buruh terhadap putusan kepailitan untuk mendapatkan hak-hak buruh yang diatur dalam peraturan perundang-undangan yang berlaku. Dan terakhir, bagaimana pembayaran upah buruh dan pemenuhan hak-hak yang timbul akibat PHK pada kasus kepailitan PT Fit-U Garment Industry.

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This thesis discusses the protection of workers' wage payment and fulfillment of labor rights arising from layoffs at the company declared bankrupt under the laws of bankruptcy and employment, with the bankruptcy case studies PT Fit U Garment Industry. This study describes about the workers as one of the creditors of the bankruptcy debtor must be coupled with other creditors in obtaining payment of wages and other labor rights of the bankruptcy estate. This study aims to answer the question as follows; first, how the position of wage bills and other labor rights in order of priority debt payments. Second, how efforts to be made by the workers against the decision of the bankruptcy to obtain labor rights set out in the legislation in force. And lastly, how payment of wages and fulfillment of the rights arising from layoffs in the case of bankruptcy PT Fit-U Garment Industry."

"Adakalanya jalan restrukturisasi utang menjadi suatu tindakan yang perlu diambil apabila debitor mengalami kesulitan dalam pembayaran utang. Hal ini pada dasarnya merupakan salah satu upaya contingency plan perseroan untuk menyelamatkan perseroan dari kebangkrutan maupun menghindari perseroan dilikuidasi atau dipailitkan. Halmana debitor yang akan dipailitkan oleh kreditornya sesungguhnya masih memiliki prospek usaha yang baik dan dapat kembali menjadi perusahaan yang sehat apabila diberikan beberapa keringanan terhadap utang-utangnya, maka langkah restrukturisasi utang seringkali menjadi solusi pilihan bagi debitor maupun kreditor. Restrukturisasi utang dilakukan sepanjang utang-utang debitor layak untuk direstrukturisasi karena perseroan debitor masih memiliki prospek usaha yang baik untuk mampu melunasi utang dan akan menjadi perseroan yang sehat untuk dapat melanjutkan kegiatan usahanya apabila diberi penundaan jangka waktu pelunasan dalam jangka waktu yang wajar, baik dengan atau tanpa diberi keringanan terhadap persyaratan utangnya, juga baik restrukturisasi utang itu dilakukan dengan atau tanpa disertai upaya untuk menyehatkan perseroan yang bersangkutan. Untuk itu, peraturan perundang-undangan di Indonesia memberikan kesempatan kepada para debitor yang kesulitan dalam membayar utang-utangnya untuk dapat menunda pembayaran utangnya dalam jangka waktu tertentu, dan memungkinkan untuk mengajukan proposal restrukturisasi utang kepada kreditornya dalam rangka Penundaan Kewajiban Pembayaran Utang. Penelitian ini akan memberikan pandangan mengenai restrukturisasi utang dalam rangka Penundaan Kewajiban Pembayaran Utang, yang secara khusus akan membahas mengenai studi kasus PT Bakrie Telecom, Tbk.

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Sometimes the debt restructuring might be an action that needs to be taken when the debtor experiencing difficulties in payment of debts. It basically is an effort as the company's contingency plan to save the company from insolvency and to avoid the company from being liquidated or bankrupted. Whereas the debtor who will be liquidated by their creditors still has good business prospects, and is able to recover from a financial distress when given some relief on its debt, hence the debt restructuring shall be the win-win solution for both debtor and creditor. The debt restructuring may only occur when the debts of the debtor eligible to be restructured, provided that there is still light at the end of the tunnel. In the case of the company might be able to continue its operation if given a delay of the term of repayment within a reasonable time, either with or without the debt remissions, the debt restructuring shall occur. Therefore, the legislation in Indonesia provides the opportunity for debtors who have difficulty in paying its debts in order to delay payment of the debt within a certain period, and allow for debt restructuring proposal to its creditors in terms of the Suspension of Debt Repayment (SDR). This study will provide the framework of debt restructuring in terms of the Suspension of Debt Repayment, which particularly discuss the case study of PT Bakrie Telecom, Tbk."

"ABSTRAKPenelitian ini bertujuan merekomendasikan metode restrukturisasi utang yang tepat untuk penyehatan keuangan perusahaan dikarenakan perusahaan mengalami kerugian dalam tiga tahun berturut-turut dari tahun 2013-2015.Dari hasil penelitian ini dapat dilihat bahwa perusahaan berada pada industri dengan nilai belanja modal tinggi, yang dipicu oleh adaptasi kemajuan teknologi yang sangat cepat. Untuk pembiayaan belanja modal yang tinggi, perusahaan mengandalkan pembiayaan utang, yang sebagian porsinya dalam mata uang asing USD , sehingga perusahaan mengalami transaction exposure akibat currency risk. Dari analisis rasio keuangan dan financial distress, perusahaan tidak berada pada kondisi kesulitan likuiditas dan masih berada pada level di atas financial distress. Sehingga dari beberapa perbandingan metode restrukturisasi utang seperti metode penjadwalan kembali, penataan kembali, persyaratan kembali, dan kontrak lindung nilai. Kontrak lindung nilai direkomendasikan untuk dapat mengurangi transaction exposure perusahaan.Dari pilihan metode kontrak lindung nilai kontrak forward, pasar uang, dan kontrak opsi. Penggunaan metode lindung nilai kontrak forward dapat dipenuhi oleh ketersediaan kas perusahaan, dan berpotensi untuk mengurangi transaction exposure lebih besar dibandingkan metode lindung nilai lainnya, dari kerugian akibat selisih nilai tukar kurs utang USD perusahaan.

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ABSTRACTThe objective of this thesis is to recommend the proper method of debt restructuring for the firm PT. Indosat, Tbk because the firm suffered losses in three consecutive years from period of year 2013 2015.From this thesis results, it can be seen that the companies is belong in industry with high capital expenditure spending, which driven by adaptation to rapid technological progress. For high technology spending activities, companies rely on debt financing, which partly is in the portion of foreign currency USD , thus the company suffered due to transaction exposure of currency risk. From the analysis result of financial ratios and financial distress, the company is not in a state of liquidity problems and is at a level above financial distress. Hence from several comparison of debt restructuring methods such as debt reconditoning, debt rescheduling, debt restructuring, and hedging contracts. Hedging contracts is recommended to reduce transaction exposure of the company towards currency riskFrom the several selection of hedging contracts methods such as forward contract, money markets hedge, and options hedge. The use of forward contract hedge could be accommodated by availability of the firm rsquo s cash, and has the biggest potential to reduce transaction exposure compare to other hedge method, from the risk of losses due to the difference in the exchange rate of the firm debt in USD. "