SRIL and PBRX Issue Global Bond

Textile Stakeholders Request Strengthening Industrial Integration

Parliament Asks to Control Illegal Importation of Textiles

IKATSI Reveals Details of Import Violations

MOI Optimizes Sustainable Resources For Industrial Production

Britain Will Ban Imports From China

RPP on Industry and Trade is Less Favorable to Local

Textile Industry Optimistic Could Recover This Year

Trade Surplus, Textiles Industry Still in the Red Zone

APR Encourages Supply Chains as the Focus of the Road Map

Pakistan's Exports to Indonesia Supported by Textile Products

ARGO Optimistic Will Improve Performance in 2021

APSyFI : PLB Threatens to Eliminate US $ 8.3 Million Yarn Exports

Stake Holder : Textile Industry Needs Fundamental Changes

PT Sri Rejeki Isman Tbk.'s legal advisor, Patra M Zaen, said that the majority of creditors agreed to extend the suspension of debt payment obligations (PKPU) for Sritex and its three entities from temporary PKPU to permanent PKPU. "The debtor has requested an extension of 120 days," said Patra, Friday, June 11, 2021.

The trial for the PKPU extension decision will take place on June 21, 2021 at the Commercial Court of Semarang, Central Java.

In the previous meeting at the Commercial Court at the Semarang District Court, Patra said, there were several suggestions from creditors to the management and supervisory judge regarding the length of time for the extension.

This proposal will be submitted to the Panel of Judges in the Sritex PKPU Case for a decision. "The determination of the PKPU will still be given on Monday, June 21, 2021," said Patra.

Previously, the Semarang District Court Judge granted the PKPU lawsuit filed by CV Prima Karya to Sritex.

Thus, the textile company with the issuer code of SRIL and its three subsidiaries namely Sinar Pantja Djaja, Bitratex Industries, and Primayudha Mandirijaya officially bear Temporary PKPU status for 45 days after the decision was made. The decision was conveyed by the panel of judges in the trial with the agenda of notification of the decision at the Semarang District Court, Thursday, May 6, 2021.

"Accepted the PKPU (SRIL) application for the next 45 days," reads the decision of the Semarang District Court Judge. In addition to granting SRIL's PKPU, the Semarang District Court also approved the appointment of Zockye Moreno Untung Silaen, Syarif Hidyatullah, Bensopad as administrators of Sritex PKPU and three of its subsidiaries.

CV Prima Karya is one of the vendors involved in building renovations in the Sritex Group. The PKPU lawsuit was filed for the value of debt that has not been paid by SRIL amounting to Rp 5.5 billion.

In its development, the lawsuit from PKPU Prima Karya to Sritex gave rise to bad news. Because there is an allegation that the PKPU lawsuit was deliberately filed as one of the debt management strategies of the company owned by the Lukminto family.

One of the discrepancies revealed was about the value of Prima Karya's PKPU which was only Rp 5.5 billion. Whereas in Sritex's 2020 financial report, the company was recorded to have cash or cash equivalents worth US $ 187.64 million.

This means that Sritex can pay off debts to Prima Karya, without having to go through the PKPU scheme. In addition, the issue circulating is that one of CV Prima's officials, Djoko Prananto, has a close relationship with Sritex. Djoko is known to have served as Secretary at GOR Sritex Arena. Regarding this, Sritex has denied it.