After officially holding the status of postponement of debt payments or PKPU, PT Sri Rejeki Isman Tbk cash. or Sritex was immediately affected. This is because, since then, creditors, including banks, have frozen credit facilities of US $ 300 million or nearly Rp. 4.4 trillion.

The company's cash coded share SRIL was immediately affected because the operating balance was mostly used to support operational activities. "In the long term, our sales can be affected because working capital is not interrupted," the management of the company said in an information disclosure submitted by management to the stock exchange authority, Thursday (20/5/2021).

To avoid the bankruptcy decision, the company owned by the Lukminto family is now communicating with creditors. "We hope that our restructuring scheme will be well received by creditors, so that the company's operations can return to normal,"

The Company also continues to communicate with rating agencies Moodys and Fitch. Sritex is still trying to get a fair assessment, so that the company's fate is not judged based on the possibilities that have not yet happened.

"We hope that rating agencies will not spread panic to creditors and investors," wrote Sritex Corporate Secretary Welly Salam.

Sritex is known to have debts worth US $ 350 million. Apart from that, SRIL also failed to fulfill the obligations of the medium term note or MTN worth US $ 25 million which was supposed to be paid last Tuesday (18/5/2021).

The company had previously submitted a syndicated extension of US $ 350 million, but the plan was postponed. Since March 19, 2021, after the signing of the syndication extension was postponed, the company together with the syndicated creditors were in discussion regarding the potential restructuring that the company would propose to the creditors.

But then on May 6, 2021, the syndication extension process could not be continued because the Company had assumed the status of Temporary PKPU. So that in accordance with Article 245 of the Bankruptcy Law, Sritex is not allowed to pay any debt except to pay all creditors.