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Indonesia’s Sritex receives approval for extra six-month moratorium
Chicago, Aug. 17 – PT Sri Rejeki Isman Tbk. (Sritex) and subsidiary Golden Legacy Pte. Ltd. provided an update to noteholders that the company has received approval for a six-month extension of moratorium in Singapore from the High Court of the Republic of Singapore, according to a press release.
The company addressed the notice to holders 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 extension is aimed at providing time for aligning the restructuring proceedings in Singapore with the Sritex Group’s restructuring proceedings in Indonesia which have been extended by the Indonesian court.
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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