Textile issuer PT Sri Rejeki Isman Tbk. (SRIL) or Sritex again received an extension of the Suspension of Debt Payment Obligations (PKPU) from the Semarang Commercial Court. Director of Sritex Allan M. Severino said his party on December 2 announced plans to vote on the peace proposal that had been given to all creditors. Even so, several creditors applied for an extension of the PKPU at the creditors' meeting held on December 2, 2021. "In accordance with our commitment to find the best way for all stakeholders, and to ensure that all creditors' voices can be accommodated in this PKPU process, we support the consensus that was reached," said Allan

in an information disclosure on the Indonesia Stock Exchange (IDX), Monday (6/12/2011). 2021).

The consensus that Allan meant was to extend the PKPU process in accordance with the creditor's request and wait for the judge's decision.

His party also said that on December 6, 2021, the Semarang Commercial Court decided to extend the PKPU process for 50 days until January 25, 2022.

 "With the extension of this PKPU, we hope to be able to make the restructuring process a success and provide the best solution for all stakeholders," he said.

For information, in its peace proposal, SRIL requested an extension of the restructuring for up to 15 years. Sritex said the company's 'unsustainable' debt portion of US$753 million and refinancing of US$850 million or Rp12.12 trillion, could only be completed in the 15th year, based on the company's cash flow projections.

The company's senior notes amounting to US$150 million with 6.875 percent interest and maturing in 2024, as well as US$225 million senior notes with 7.25 percent coupon maturing in 2025, will be exchanged for a combination of new bonds with a 15-year tenor.

In addition, Sritex also proposes to cancel all interest, fines, and other fees related to debt until Sritex is determined to be in a temporary PKPU position.