Indonesian builder PT Wijaya Karya misses $61 million payment

Indonesian state-owned builder PT Wijaya Karya has missed payments on two notes totaling 1 trillion rupiah ($61 million). This indicates ongoing struggles in the construction sector following a decade of heavy infrastructure spending. The company did not repay principals from a conventional bond and a Sukuk that matured on February 18. Requests for extensions and partial repayments have not yet been approved by creditors. Wijaya Karya's debt has surged significantly in recent years, reaching around 130 trillion rupiah. Rising interest rates and looming maturities are increasing financial pressure on the company and its subsidiaries.