Indonesia’s Sritex will present composition plan on Sept. 7

Chicago, Sept. 3 – PT Sri Rejeki Isman Tbk. (Sritex) and subsidiary Golden Legacy Pte. Ltd. updated creditors regarding its restructuring efforts and its subsidiaries, according to an announcement.

The Sritex Group will present an initial draft of the composition plan to creditors on Sept. 7.

Holders of the notes may attend the presentation.

There will be no vote at the presentation.

Because of the worsening Covid-19 situation in Indonesia, the Sritex Group will be seeking an extension of the PKPU proceeding before the current end date of Sept. 21.

Following the extension application, the independent administrators may convene a creditor’s meeting before Sept. 21.

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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