Sritex receives creditor feedback, amends PKPU plan

By William Gullotti

Buffalo, N.Y., Nov. 24 – Indonesia’s PT Sri Rejeki Isman Tbk. (Sritex), following feedback during the creditors’ meeting on Nov. 22, amended the composition plan for the PKPU proceeding, according to a notice on Wednesday.

According to the notice, the modifications made to the PKPU plan are of formal, minor or technical in nature and will benefit noteholders. The revised plan has been uploaded for review, and noteholders wishing to change their votes may do so ahead of the voting deadline.

As previously reported, the consent solicitation is aimed at noteholders of the $150 million 6 7/8% senior notes due 2024 (Cusips: 38109KAC9, Y2749KAC4) issued by subsidiary Golden Legacy Pte. Ltd. and guaranteed by Sritex and the $225 million 7¼% senior notes due 2025 (Cusips: 69408LAB2, Y714AGAB8) issued by Sritex.

Voting noteholders must hold their existing notes on Nov. 29.

Voting can be accepted through 5 p.m. ET on Nov. 30.

The creditors meeting is on Dec. 2.

Morrow Sodali Ltd. is listed as the information and tabulation agent (+852 2319 4130, 203 609-4910, +44 20 4513 6933, sritex@investor.morrowsodali.com, https://bonds.morrowsodali.com/sritex).

Sritex is an Indonesian textile manufacturer.

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