Textile issuer PT Sri Rejeki Isman Tbk. (SRIL) or Sritex said it would focus on finalizing a peace proposal with creditors in 2022. Sritex Corporate Secretary Welly Salam said the company will focus on finalizing the reconciliation proposal with creditors in achieving homologation in accordance with the extension of the PKPU until January 25, 2022. "The company will also focus on submitting interim and annual financial reports for 2021," said Welly, in an information disclosure on the Indonesia Stock Exchange (IDX), Tuesday (28/12/2021).

Welly continued, the company's financial performance will be focused on compliance for operational activities and for the next year, being able to fulfill the decision made by the PKPU settlement.

 He explained, due to the Covid-19 pandemic which continued in the second quarter of 2021, the company experienced negative cash flows which caused problems in paying obligations to creditors or banks.

"The strategy to overcome this is to restructure bank loans and other financial institutions," he said.

In addition, he continued, limited working capital is also another obstacle in improving the performance of this SRIL stock coded issuer. The company hopes that after the completion of this PKPU, the company can again receive working capital support from creditors.

"Currently, with the support of customers, suppliers, and other stakeholders as well as the availability of existing working capital, the company is still running its operations smoothly," he said.

As for now, Welly ensures that the majority and/or controlling shareholder of Sritex still fully supports the restructuring carried out by the management.