📰 Weekly Roundup (19-25 May 2026): Indonesia Radar #1 | SP Group’s Tata Timer | Adani’s Refinancing Return | DHC Capital’s Takeaways on Australia Private Credit
Weekly newsletter
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Based on the feedback from some friends in Jakarta last week, I’ve developed Indonesia Radar, a concise brief on what to watch in Indonesia. Stay tuned as the Radar will rotate across different countries over the coming weeks.
🛜 Indonesia Radar #1 (23 May 2026)
Jakarta’s financial circle was stumped by President Prabowo Subianto’s move to centralize exports of key commodities under Danantara. The former general’s attempt to rein in transfer pricing – which has long been a form of capital leakage out of Indonesia – and keep dollars onshore is not illogical. But as with many of his earlier initiatives, the ambition and time horizon are misaligned with the practical reality, according to a Jakarta-based financier.
Companies to Watch
Garuda Indonesia: The flag carrier has been exploring options as it’s pummelled by the spike in fuel costs. A key area of consideration is the negative optics associated with pursuing a fourth restructuring so soon after Danantara injected USD 1.4 billion into the airline. However, the clock is ticking as its liquidity is shrinking rapidly.
Whoosh: The China-backed Jakarta-Bandung high-speed rail is another state project with ballooning costs and uncertain recovery. It’s possible for Indonesia to offer the Jakarta-Surabaya rail line to China in return for some form of forbearance on Whoosh, though whether or not it can make money is still a question mark.
Modernland Realty: Even after its second restructuring, the Indonesian property developer is reliant on asset sales to jump over a maturity wall in 2027. While the sale is ongoing, Modernland has to service an expensive bridge loan from Bank JTrust Indonesia and ADM Capital’s Eight Rubies.
Indika Energy: The energy company continues diversifying away from coal by setting up an electricity distribution unit. It also issued USD 100 million 8.75% notes due 2029 to fund the development of its gold mining project in South Sulawesi.
People to Watch
There’s a merry-go-round going on in Indonesia’s restructuring and insolvency scene, as some firms that were hit by departures have to poach from other firms to replenish their ranks.
💼 Brief Take: SP Group’s Tata Timer (20 May 2026)
I previously wrote that Shapoorji Pallonji Group (SP Group)’s refinancing machinery involves lining up investors who are willing to extend the bridge towards a potential liquidity event. Prospective lenders are not leaving everything to chance, as they have set the clock ticking for the Indian conglomerate to extract some cash from its stake in Tata Sons.
💼 Brief Take: Adani’s Refinancing Return (20 May 2026)
Another Indian conglomerate, Adani Group, is jumping back into the refinancing pool as it’s reportedly preparing to refinance nearly USD 5.25 billion of debt obligations. Adani’s US settlement may help to reduce perceived compliance risks and expand the base of potential lenders, though some banks may choose to wait and see first before making a commitment.
DHC Capital’s Takeaways on Australia Private Credit (20 May 2026)
DHC Capital’s David Chew shared some takeaways from a panel discussion on private credit at the 2026 ARITA NSW Young Professionals Conference held in Sydney on 30 April 2026.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.