PT Sritex Bankrupt Creditors Meeting Follows Up Debt Clearing

JAKARTA - The creditor meeting in PT Sri Rejeki Isman (Sritex) agreed that there would be no business sustainability or going concern which would then be settled on debt.

Semarang Commercial Court Supervisory Judge Haruno Patriadi said the agreement was taken based on the conditions that had been submitted by the curator and debtor of bankruptcy.

"It is impossible to run going concern with conditions that have been described by curators and bankruptcy debtors," he said at a Bankrupt Creditor meeting of PT Sritex in Semarang, Friday, February 28, which was confiscated by Antara.

The supervisory judge declared PT Sritex as a bankrupt debtor in an insolved condition or did not have enough funds to pay off debts.

Meanwhile, the curator in PT Sritex's bankruptcy, Denny Ardiansyah, said that the decision on no business sustainability was based on the 21-day period given to partner with the bankruptcy debtor.

"The results of the meeting with the debtor have been conveyed that there is no going concern," he said.

He explained that there were several considerations not to continue PT Sritex's business, such as non-existent working capital, labor needs, high production costs, and it was feared that it would result in bankruptcy losses.

Furthermore, he said, the curator will carry out the execution of bankruptcy assets for further price assessment by independent accountants.

Bankrupt assets that have been estimated to be priced, he continued, will be auctioned off to pay off debt payments.

In a creditor meeting, the curator has submitted a list of bankruptcy assets that have been traced and recorded.

Meanwhile, the President Director of PT Sritex, Iwan Kurniawan Lukminto, said that the results of this creditor meeting were not in line with what was expected.

However, as a law-abiding citizen, he stated that he respected the court's decision.

In addition, Iwan also emphasized that he would cooperate and cooperate with the curator so that the cleaning process could run smoothly.