Sritex’s PKPU proceeding expected to be extended

Chicago, Dec. 2 – Indonesia’s PT Sri Rejeki Isman Tbk. (Sritex) said that it expects its PKPU proceeding will be extended, according to a press release.

The creditors meeting was scheduled for Dec. 2, and voting had already started for the composition plan.

However, certain creditors have requested an extension of the proceeding in the Indonesian Court.

The company is committed to the best interests of its creditors and did not object to the request for an extension.

The court still needs to approve the change, a proceeding that is scheduled for Dec. 6.

The voting deadline is expected to also be extended and amended.

As previously reported, the plan 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.

Sritex’s international restructuring adviser is PT AJCapital Advisor (geoff.simms@ajcapital.co.id, fransiscus.alip@ajcapital.co.id).

Gibson, Dunn & Crutcher LLP is the international legal counsel (sritex@gibsondunn.com).

Sritex is an Indonesian textile manufacturer.

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