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Indonesia’s Sritex updates noteholders on restructuring efforts
Chicago, June 15 – PT Sri Rejeki Isman Tbk. (Sritex) and subsidiary Golden Legacy Pte. Ltd. updated noteholders on the group’s restructuring efforts in a notice.
The company addressed the notice to noteholders of its $225 million 7¼% senior notes due 2025 issued by Sri Rejeki and the $150 million 6 7/8% senior notes due 2024 issued by Golden Legacy.
The company has filed petitions under Chapter 15 on June 7 in the U.S. Bankruptcy Court for the Southern District of New York.
The petitions were filed to obtain recognition in the United States of the Indonesian PKPU proceeding and the Singapore restructuring proceedings.
The bankruptcy court granted a provisional moratorium in the United States to protect the restructuring efforts prior to the approval of the Chapter 15 petitions.
The company has made a request to the Indonesian court for a 120-day extension. The proceeding will be decided by that court on June 21.
Independent administrators have accepted the note trustee’s claim in relation to the Sritex notes.
Accordingly, noteholders of the Sritex notes will be able to vote on the PKPU composition plan to be proposed in that proceeding.
In terms of the Golden Legacy notes, there is currently a double claim lodged for verification by the independent administrators.
The group expects noteholders will be able to vote in a similar fashion on the Golden Legacy notes, but the group is currently in the process of resolving the double claim.
PT AJCapital Advisory is the international restructuring adviser.
Gibson, Dunn & Crutcher LLP is international legal counsel.
Sritex is a textile manufacturer based in Jakarta, Indonesia.
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