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"Tujuan utama dari studi kasus ini adalah untuk menentukan pola restrukturisasi keuangan dan usaha yang tepat bagi PT XYZ, sehingga PT XYZ dapat berubah dari perusahaan yang kesulitan keuangan menjadi perusahaan yang dapat beroperasi secara normal dengan keuntungan dan pertumbuhan yang berkesinambungan. Data perusahaan serta data dan informasi dari luar perusahaan dianalisa menggunakan beberapa metoda dan tahapan. Disimpulkan bahwa restrukturisasi keuangan yang tepat untuk PT XYZ adalah dengan membagi 3 pinjaman terhutang, yaitu: sebesar 51% menjadi pinjaman yang diangsur selama 6 tahun, 24% menjadi "obligasi berseri I", dan 25% menjadi "obligasi berseri II". Obligasi berseri yang disebutkan di sini adalah obligasi yang tidak diperdagangkan di bursa, terdiri dari beberapa obligasi dengan jatuh tempo yang berbeda, yaitu mulai tahun kedua sampai dengan tahun kesepuluh. Obligasi berseri I dan obligasi berseri II berbeda dalam hal besarnya kupon. Dalam hal restrukturisasi usaha, direkomendasikan kepada PT XYZ untuk melakukan integrasi kebelakang (backward integration) dengan menawarkan sebagian sahamnya kepada satu-satunya pemasok bahan baku yang dimilikinya.

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The main objective of this study is to determine the appropriate financial and business restructuring of PT XYZ, so that it can move PT XYZ from current financial distress condition to a normal operation with sustainable growth and profitability. The company?s and external supporting data and information were analyzed using some methods and steps. It is concluded that the appropriate financial restructuring for PT XYZ is to divide the existing loan outstanding to the 3 types of loan, which are:

51% of it as a 6 years installment loan,

24% of it as a "multi series bonds I", and

25% of it as a "multi series bonds II".

Multi series bonds that are mentioned here are private bonds, are not traded in the capital market, and consist of a several bonds with different year of maturity from year 2 to year 10. Multi series bond I and multi series bonds II are different in the coupon rate. In terms of the business strategy, it is recommended for PT XYZ to do a backward integration by offering part of its shares to its one and only raw material supplier."

"Abstrak Educational organizations are public sector organizations, making transparency and accountability two important principles that must be reflected in their financial management. This requirement is enshrined in the Law of the Republic of Indonesia Number 12 of 2012 on University. Two factors that can potentially influence transparency and accountability of financial management are the presentation of financial report of the organization in question and accessibility to such statements. This research is intend to analyze the impact of financial report presentation and accessibility to financial reports on transparency and accountability of financial management of a state university in Malang City. Rate of returned and completed questionnaire is 100 percent, comprising of 252 questionnaires. Data analysis is conducted using multiple linear regression. There are two independent variables used in this research, namely the presentation of financial reports and accessibility to financial reports, and two independent variables, namely transparency and accountability of financial management. The result of this research indicates that the presentation of financial reports and accessibility to financial reports have a positive impact on transparency and accessibility in financial management. This in turn implies that the public would consider that financial management at the state university is accountable if its financial report is prepared in accordance with the applicable standards and easily accessed."