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

Textile issuer PT Sri Rejeki Isman Tbk (SRIL) targets the Debt Payment Obligation (PKPU) process that is being undertaken by the company to be completed by the end of this year. So that starting in 2022, the company will start implementing the PKPU decision. In a statement submitted by the company, in the fourth quarter of 2021, the company is still fulfilling its obligations and consequences for the impact of PKPU on the Indonesia Stock Exchange (IDX). "[In the first quarter of 2022] the Company carried out the decision on the results of the PKPU to creditors and the obligation to report to the IDX in accordance with applicable regulations," the disclosure said, quoted on Friday (11/26/2021).

The company admits that currently experiencing negative cash flows as a result of the pandemic, so that currently payment of obligations to creditors is also hampered.

The company's current steps are to restructure these loans from banks and other financial institutions.

Referring to the restructuring proposal submitted by the company to its creditors, the company's total debt reaches Rp. 20 trillion, or to be precise, Rp. 19.96 trillion.

The debt consists of bilateral loans worth Rp 5.87 trillion in rupiah, US$ 178.95 million in US dollars and in euros 7.5 million euros. Then a syndicated loan of US$ 350.02 million and global bonds of US$ 375 million.

In this proposal, debt in the form of bilateral and syndicated loans worth US$ 350 million will be converted into long-term debt and will be offered to creditors on a pro rata basis. This debt is planned to be settled in nine years.

Next is a loan in the form of an unsecured tram loan worth US$ 227.8 million in the form of a bilateral loan. This debt will be settled with a tenor of 12 years.

The company will also pay its debts in the form of mandatory convertible bonds or OWK with a period of five years.

Meanwhile, the company's bonds payable will be settled in two tranches. Tranche A worth US$ 187.5 million. Meanwhile, tranche B is worth US$ 187.5 million in the form of other OWK.