Textile issuer PT Asia Pacific Fibers Tbk. (POLY) or APF appealed to its collateral creditors, both from the private sector and the government, to speed up the process of discussing a restructuring solution that is currently underway in the coordination of the Bank Indonesia Liquidity Assistance Task Force (BLBI). Main Director of POLY Ravi Shankar said that the restructuring decision was considered very important to improve POLY's financial balance in an effort to obtain new working capital for technology and machinery updates.

"The increase in POLY's performance as a holder of more than 20 percent of the national polyester market share will directly strengthen the national textile and textile product industry chain which is in a state of concern," said Ravi in ​​his official statement, Thursday (1/12/2022).

Ravi said that until the third quarter of 2022, the company's performance was observed to have almost touched the same level as the full performance in 2021. However, since the end of the third quarter until now, export performance has been disrupted due to the outbreak of war between Ukraine and Russia while the domestic market has been disrupted due to a flood of imported products.

"Even though domestic consumption is strong, the domestic market is experiencing turbulence due to a flood of imported goods due to the relaxation of import regulations," said Ravi.

Meanwhile, Corporate Secretary Tunaryo said that as of September 2022, POLY had posted sales of up to US$314 million, an increase from the same period in 2021, which was US$262 million.

Rionald Silaban, who demanded a refund from the State of Tunaryo, explained that even though in terms of sales value it recorded an increase, POLY's sales volume did not grow too much because the increase in sales was basically driven by an increase in raw material prices.

POLY Chart by TradingView He explained that until the third quarter of 2022, POLY is targeting sales revenue of US$406 million.

"However, this assumption can change at any time, in line with extraordinary economic developments in the last few months," he said.

Furthermore, POLY's management also reports on the progress of the company's restructuring status, where a number of communications have been taking place between POLY's guaranteed creditors in order to formulate an implementable solution for POLY. POLY's going concern status to date allows POLY to improve performance without requiring waiting time.