Textile issuer PT Sri Rejeki Isman Tbk. (SRIL) or Sritex conveyed the reasons from PT Bank QNB Indonesia Tbk. and PT Citibank Indonesia appealed the decision to homologate the SRIL PKPU trial. Corporate Secretary Sri Rejeki Isman Welly Salam said that the background of QNB Indonesia and Citibank Indonesia's appeal was dissatisfaction with the homologation result. "Following the existing legal process properly, the company has submitted a counter memorandum of cassation to the relevant court," said Welly in an information disclosure on the Indonesia Stock Exchange (IDX), Thursday (17/2/2022).

Welly also said Sritex was still waiting for the decision on the cassation in completing the cassation statement and memory.

Meanwhile, Welly said that his party will fulfill the debt payment obligations resulting from the homologation from the company's internal funds and from financing from financial institutions and financial markets.

Based on the proposal that has taken into account the existing cash flow capability, the company believes that it can fulfill its obligations to each creditor on time, especially obligations that mature in 2022 and 2023.

"The strategy to fulfill obligations is to maintain and improve the company's operational performance, such as increasing market share, product diversification, and others, to remain stable and increase," he said.

Welly also ensured that until now Sritex can still meet all operational needs and have sufficient working capital to carry out operational activities.