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"Financial Distress is a common condition which can occur in small or large companies. Companies who have a significant amount of debt are usually easier to get financial distress than companies who have small amount of debt. Nevertheless, financial distress does not always impact a liquidation of a company. Companies experiencing with financial distress alter struggled with some altemative solution such as with debt restructuring and management rearrangement, finally can restore to the health condition.Limitation of financial distress related with insolvency. Edward Altman on his book: ?Corporate Financial Distress: A Complete Guide to Predicting, Avoiding and Dealing with Bankruptcy" said that there are two definitions of insolvency namely stock-based insolvency and flow based insolvency. Stock-based insolvency occurs when company?s equity reach negative balance, in other word, his assets value gets lower balance than his liability. Flow-based insolvency occurs when cash flow from operation is not enough to cover his current liabilities. Flow based insolvency tend to the inability of a company to pay his current liabilities in due course.The main topic of this final paper is for knowing how the investment retum phenomenon of companies who experiencing with financial distress in Indonesia with regards to the available risks inside. This final paper is a further analyst ofa research done by DR. Suroso which has been published at Usahawan Magazine in Febmary 2006 edition. ln his research, Soeroso analyzed how is the retum of investment in companies who have been troubled with his financial position in term 2000- 2004.By using available financial data and stock prices, author try to classily companies based on how long they have been experiencing negative equity compare with the ?buy-hold period? done by investors. Companies being observed are those who have been experiencing negative equity from 2000 to 2005. Meanwhile stock prices being observed are starting from 1999 until 2006. Assumption of buy-hold period done by investors are classified in terms of 3, 6, 12, I8 and 24 months.As a final result ofthis research, can be summarized that investment return will be higher inline with buy-hold period done by investors. Exceptions occur for specific years where the longer buy-hold period is not inline with the return. Besides, take into account that probability of loss from an investor will be higher inline with the investment period."

"Untuk menghadapi tantangan perubahan iklim dan makin meningkatnya permintaan energi, juga untuk menjaga supply energi di masa yang akan datang, konsep "renewable energy" mulai dikembangkan, dimana salah satunya adalah biodiesel. Biodiesel merupakan alternative bahan bakar yang paling efektif dan siap untuk digunakan dalam skala besar global untuk menghadapi berbagai tantangan krisis energi yang ada. Biodiesel merupakan sebuah senyawa mono alkyl ester yang diproduksi melalui sebuah reaksi transesterJlcation, dimana bersama methanol menjadi methyl ester dan glycerol dengan catalic assistance. Biodiesel memiliki 12 sampai 20 rantai kanbon dan mengandung oxygen. Biodiesel memiliki beberapa kualitas khusus antara lain mudah digunakan, biodegradable, tidak beracun, tidak mengandung logam berat, sulfur dan senyawa aromatic chemical dan memiliki titik bakar lebih tinggi dari pada petroleum diesel sehingga aman untuk digunakan. Sejak tahun 2004, Indonesia mulai mengimport minyak bumi, dan pada tahun 2005, sebesar 30% konsumsi bahan bakar diesel diperoleh melalui impor. Sejalan dengan kenaikan harga bahan bakar minyak global, maka subsidi minyak bumi mencapai Rp.54 triliun dan pada tahun 2008 meningkat menjadi Rp.126 tniliun. Dengan per-timbangan tersebut, Indonesia mulai mempromosikan penggunaan bahan bakar alternatif termasuk biodiesel. PT. RI sebagai perusahaan engineering dan construction telah mulai aktif berperan dalam pengembangan biodiesel maupun bioethanol di Indonesia semenjak tahun 2004, dan mulai menjajaki investasi di industri biodiesel sebagai bentuk dukungan terhadap program pemenintah yang sejalan dengan clean development mechanism (GDIvI program Kyoto Protocol dan sekaligus menjadikan investasi pabrik biodiesel sebagai bentuk diversifikasi usaha perusahaan. Dalam melakukan investasi biodiesel dilakukan analisa kelayakan dari beberapa aspek khususnya finansial dan aspek penunjang Iainnya yaitu aspek pasar, aspek teknis, aspek produksi, dan aspek sumber daya manusia sebagai dasar pengambilan keputusan. Analisis kelayakan finansial investasi industri biodiesel dilakukan berdasar konsep capital budgeting dengan menggunakan metode Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (P1), dan Paybak Period dengan tingkat diskonto berdasarkan hasil perhitungan Weighted Average Cost of Capital (WACC), mengingat sumber dana investasi diperoleh dari hutang dan kekayaan sendiri. Dari hasil analisis kelayakan finansial terhadap proyek biodiesel dengan kapasitas produksi 100,000 ton per tahun dengan bahan baku crude palm oil menunjukkan bahwa proyek biodiesel layak untuk dijalankan dengan nilai expected scenario NPV USD 4,755,201, IRR sebesar 23.38% lebih besar dibandingkan weighted average Cost of capital investasi yaitu sebesar 18,31%, PT sebesar 1.23, dan payback period selama 5 tahun 2 bulan (kurang dari sepuluh tahun), dengan asumsi harga dasar bahan baku crude palm oil USD 500 per ton dan harga jual biodiesel USD 710 per ton dengan proyeksi eskalasi harga 4% per tahun.

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To face up to the challenge of climate change and to meet the increase in demandfor energy, as well as to safeguard the energy supply in the future, the concept of "rewenable energy" is being developed, one of which is biodiesel. Biodiesel is the most effective alternative fuel and ready for large-scale global use to face up to any existing challenges. Biodiesel is mono alkyl ester produced through a transesterJIcation reaction between tiygliceride found in vegetables oil, like palm oil, castor oil, etc. That with methanol becomes methyl ester and glycerol with catalic assistance. Biodiesel has a carbon chain between 12 through 20 and contains oxygen. The oxygen in biodiesel tells it apart from petroleum diesel the chief component of which only consists of carbon and hydrogen. Biodiesel has several special qualities, including easy to use, biodegradable, nonpoisonous, free of heqiy metals, sulfur and aromatic chemical compounds and has a higher flash point rate than petroleum diesel so it is safer to keep and use. Since 2004, Indonesia has started to be importing country for natural oil fuel. In 2005, some 30% consumption of dieselfuel was met from import. In line with global price oil fuel increase, the subsidized oil fuel has reached Rp. 54 trillion and in 2008 it has increased until Rp. 126 trillion, considering the above condition, Indonesia is now starting to promote the use of alternative fuel, including biodiesel. Since 2004, PT. RI as an engineering and construction company has actively been a part of biodiesel and bioethanoi development in Indonesia, and start looking forward an investment in biodiesel industry to support and in line with the government 's policy related to clean development mechanism (CDM) program of Kyoto Protocol, and also performing business divers/Ication through biodieseiplani. In the biodiesel plant investment need to be analyzed in several aspects including potential market, technical, production, and human resources as the basis of the investment feasi bully. The basis offinancialfeasibility analysis is capital budgeting concept using mehod of Net Present Value (NPV), Internal Rate of Return (TRR), Profitabililty Index (P1), and Payback Period with discount rate calculation base on Weighted Average Cost of Capital (WA CC), due to the inveslement budget resources consist of debt and equity. Financial feasibility analysis of biodiesel project with its capacity 100,000 ton per year and crude palm oil as the raw material shows that the project is feasible to perform with NPV USD 4,755,201, IRE? 23.38% > weighted average cost of capital of the investment that is 18.31%, P11.23, and Payback Period within 5 years and 2 months (less than ten years), with assumption that the raw material crude palm oil base price is USD 500 per ton and selling price of biodiesel is USD 710 per ton with price escalation projection 4% per year."