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Abstrak :
[ABSTRAK
Penelitian ini bertujuan menganalisis restrukturisasi utang pada PT AFS yang bergerak di bidang pelayaran. Metode yang digunakan dalam penelitian ini adalah dengan membandingkan restrukturisasi utang yang telah dilakukan oleh PT AFS melalui penjualan aset dengan alternatif lain yaitu metode equity conversion. Perbandingan dilakukan terhadap arus kas pembayaran utang, metode restrukturisasi yang lebih menguntungkan jika diukur dari time value of money dan metode restrukturisasi yang lebih baik pengaruhnya ke kinerja keuangan perusahaan jika diukur dari rasio keuangan. Hasil dari penelitian memperlihatkan bahwa metode penjualan aset membayar lebih banyak utang pada awal masa pembayaran utang daripada metode equity conversion. Jika diukur dari time value of money, restrukturisasi dengan metode penjualan aset akan lebih menguntungkan daripada restrukturisasi dengan metode equity coversion karena menghasilkan present value yang lebih kecil. Total debt ratio memperlihatkan metode equity conversion lebih baik pengaruhnya ke kinerja keuangan perusahaan daripada metode penjualan aset. Current ratio, cash ratio, interest coverage ratio dan profit margin memperlihatkan metode penjualan aset lebih baik pengaruhnya terhadap kinerja keuangan perusahaan daripada metode equity conversion.

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ABSTRACT
The aim of this research is to analyze debt restructuring at PT AFS which engaged in shipping industry. The method used in this research is to compare debt restructuring at PT AFS through asset sales method with other restructuring alternative which is through equity conversion method. The comparisons are made to debt cash flow, method that is more profitable if measured from time value of money and method that has better effect to company?s financial performance as measured with financial ratios. The result shows that asset sales method pays more debt at the beginning of debt payment than equity conversion method. If measured from time value of money, restructuring through asset sales is more profitable than restructuring through equity conversion because it produces lower present value. Total debt ratio shows that equity conversion method has better effect to the company?s financial performance than asset sales method. Current ratio, cash ratio, interest coverage ratio and profit margin show that asset sales method has better effect to the company?s financial performance than equity conversion method., The aim of this research is to analyze debt restructuring at PT AFS which engaged in shipping industry. The method used in this research is to compare debt restructuring at PT AFS through asset sales method with other restructuring alternative which is through equity conversion method. The comparisons are made to debt cash flow, method that is more profitable if measured from time value of money and method that has better effect to company’s financial performance as measured with financial ratios. The result shows that asset sales method pays more debt at the beginning of debt payment than equity conversion method. If measured from time value of money, restructuring through asset sales is more profitable than restructuring through equity conversion because it produces lower present value. Total debt ratio shows that equity conversion method has better effect to the company’s financial performance than asset sales method. Current ratio, cash ratio, interest coverage ratio and profit margin show that asset sales method has better effect to the company’s financial performance than equity conversion method.]

Abstrak :
Pada dasarnya menurut ketentuan hukum yang berlaku menyebutkan kewenangan yang dimiliki Dewan Komisaris yaitu melakukan pengawasan atas kebijakan pengurusan yang dilakukan Direksi baik di dalam maupun di luar Pengadilan dan memberi nasihat kepada Direksi demi tercapainya tujuan dari perseroan terbatas. Permasalahan hukum muncul atas gugatan perbuatan Komisaris sebagai pemegang saham mayoritas yang menjual aset perseroan terbatas tertutup dengan melawan hukum yaitu melanggar ketentuan dan prosedur penjualan aset yang diatur diatur Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas (UUPT) dan anggaran dasar. Pada putusan yang dianalisis yang menyebutkan bahwa Hakim membatalkan gugatan terhadap perbuatan Komisaris yang menjual aset sedangkan perbuatan yang sudah dilakukan Komisaris tersebut jelas bertentangan dengan UUPT dan anggaran dasar dimana anggaran dasar merupakan akta autentik yang dibuat Notaris dan merupakan alat bukti yang sempurna. Tujuan dilakukannya penelitian ini untuk memahami batasan-batasan kewenangan dari masing-masing organ perseroan terbatas khususnya Komisaris. Metode penelitian dalam tesis ini adalah yuridis-normatif yang dilakukan dengan cara menganalisis konsep hukum yang berkaitan dengan permasalahan hukum yang dibahas dalam hal ini tentang kewenangan Komisaris dalam menjual aset perseroan, peran notaris mencegah perbuatan melawan hukum oleh Komisaris atas penjualan aset dan putusan Mahkamah Agung nomor 1848/K/Pdt/2018. Hasil penelitian ini dapat diketahui bahwa suatu perseroan terbatas yang akan menjual asetnya wajib mengikuti dan memenuhi syarat yang telah diatur oleh UUPT dan anggaran dasar. ......Basically, according to the applicable law, it states that the authority of the Board of Commissioners is to supervise the management policies carried out by the Board of Directors both inside and outside the Court and provide advice to the Board of Directors in order to achieve the objectives of the limited liability company. Legal problems arise over the actions of the Commissioner as the majority shareholder who sold the assets of a closed limited liability company against the law, namely violating the provisions and procedures for selling assets regulated by Law no. 40 of 2007 concerning Limited Liability Companies (UUPT) and the articles of association. In the analyzed decision which states that the Judge cancels the lawsuit against the commissioner's act of selling assets while the actions that have been carried out by the commissioner are clearly contrary to the Company Law and the articles of association where the articles of association are authentic deeds made by a notary and are perfect evidence. The purpose of this research is to understand the limits of authority of each organ of a limited liability company, especially the Commissioner. The research method in this thesis is juridical-normative which is carried out by analyzing legal concepts related to legal issues discussed in this case regarding the authority of the Commissioner in selling the company's assets, the role of the notary in preventing unlawful acts by the Commissioner on the sale of assets and the Supreme Court decision number 1848/K/Pdt/2018. The results of this study can be seen that a limited liability company that will sell its assets must follow and fulfill the requirements set out by the Company Law and the articles of association.