PT Sri Rejeki Isman Tbk. (SRIL) or Sritex escaped bankruptcy after the majority of creditors agreed to accept the textile issuer's peace proposal. The spokesman for the Semarang Commercial Court, Eko Budi Supriyanto, confirmed that there was an agreement between SRIL's creditors. He said that the hearing on the approval of the peace proposal decision will take place, Tuesday, January 25, 2022. "Yes [tomorrow the verdict will be heard]," said Eko, Monday, January 24, 2022. Eko added that Sritex had indeed obtained several extensions of the delay in paying debt obligations, aka PKPU. According to him, Sritex's PKPU extension is still in accordance with the provisions.
"No more than 270 days as required by law," he said.
Sritex completed a creditors' meeting at the Semarang Commercial Court, Friday, January 21, 2022. All separatist creditors agreed to the peace plan proposed by the textile company.
The majority of concurrent creditors present agreed with Sritex's proposal. As a result, the voting reached a quorum so that this textile company and its three subsidiaries were successfully restructured. The three subsidiaries include PT Sinar Pantja Djaja (SPD), PT Bitratex Industries (BI), PT Primayudha Mandirijaya (PM).
Sritex PKPU Management Team member Alfin Sulaiman said this result had a good technical impact. "Technically, Sritex and its creditors have succeeded in achieving peace," he said in a press statement, Monday, January 24, 2022.
Based on the Bankruptcy Law and PKPU, the peace plan can be accepted based on the approval of more than half the number of creditors, both concurrent and separatist. Here, Sritex gets a quorum to be free from the threat of bankruptcy.
Responding to the results, Sritex's legal advisor Aji Wijaya explained that this was a reflection of the trust of creditors. "Sritex's success yesterday in achieving peace with its creditors is a reflection of the creditors' trust in Sritex, both to its shareholders, management, and confidence in the business continuity and future of Sritex," said the owner of the Wijaya & Co firm.
Aji did not deny that the creditors' meeting on Friday was very dynamic. However, this did not hinder the good intentions of all parties.
"There are many arguments, both between the debtor's legal advisory team and the creditors, as well as the management team with the creditors and the debtor team." he said.
According to Aji, the dynamics are normal. All of this is done in order to maintain professionalism while maintaining the spirit to achieve peace. The meeting, said Aji, is part of a process that has been ongoing since the panel of judges of the Semarang District Court Commercial Court granted the PKPU application submitted by CV Prima Karya against Sritex and its three subsidiaries, on May 6, 2021.
Sritex has been fighting for this step since April 19, 2021, when the PKPU was first proposed. The request was granted on May 12, 2021 based on Decision 12/Pdt.SusPKPU/2021/PN.Niaga.Smg.
Therefore, Sritex President Director Iwan Setiawan Lukminto gave special appreciation for the achievement of these results. Especially to creditors who are willing to work together to reach the peace agreement.
"Thanks to all creditors for their support and cooperation in the success of this restructuring," he said.
Iwan said the support of these creditors was very important for all this peace process. The impact will be very good for all parties. "We believe that good relations and full support from creditors can be the basis for the Company to be even better," he said.
With this result, Sritex will restructure the principal outstanding of bilateral debt and syndicated debt of US$ 267.2 million into Secured Working Capital Revolver. This facility has a term of five years from the effective date.
Meanwhile, the principal bilateral debt and syndicated debt will be restructured into a Secured Term Loan facility with a tenor of nine years.
Based on data from the Sritex PKPU Management Team, Sritex's total bills reached Rp 26 trillion. In detail, all these claims came from separatist creditors worth Rp. 716.7 billion and claims from concurrent creditors of Rp. 25.3 trillion.
After this agreement is reached, Sritex will restructure the principal of bilateral debt and syndicated debt of US$344 million into an Unsecured Term Loan facility. Regarding the term, this facility is valid for 12 years after the effective date.
