Analisis Potensi Kebangkrutan PT. Berlian Laju Tanker, Tbk. dengan Menggunakan Altman’s Z Score

Authors

  • Iswandi Iswandi Bina Nusantara University

DOI:

https://doi.org/10.21512/bbr.v3i2.1350

Keywords:

Altman’s Z score model, failure, insolvency, default, bankruptcy

Abstract

PT. Berlian Laju Tanker, Tbk. (BLTA) is a company engaged in the ocean transportation services listed on the Indonesia Stock Exchange and the Singapore Stock Exchange. In 2009 and 2010 BLTA experienced a net loss. At the end of 2011 the company rocked the financial markets in Indonesia and Singapore being unable to meet financial obligations to financial institutions and corporate bondholders. Given such conditions until the end of August 2012 BLTA can not submit audited financial statement of year 2011 to the authorities of stock exchange and public. By using the 2007 to 2010 audited financial statements and June 2011 inhouse financial statement were analyzed using Altman's Z score model can be known that since 2007 BLTA produce a Z score were classified bankruptcy. Investors should analyze the financial condition by using Z Score in order to minimized shareholders and bondholders potential losses.

Author Biography

Iswandi Iswandi, Bina Nusantara University

Accounting Department

References

Altman, E. I. (1993). Corporate Financial Distress and Bankruptcy. second edition. New York: John

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Brigham, E. F. (2002). Intermediate Financial Mangement, (seventh edition). South Western

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Kieso, D. E., Weygandt, J. J., Warfield, T. D. (2011). Intermediate Accounting IFRS Edition Volume

New York: John Wiley & Sons.

White, G. I., Sondhi, A. C., Fried, D. (2003). The Analysis and Use of Financial Statements. third

edition. New York: John Wiley & Sons.

www.blt.co.id

www.idx.co.id

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Published

2012-11-30