A New Chapter Of Conglomerate Iwan Lukminto's Sritex Peace With QNB Bank And Citibank

Sritex Factory. (Photo: Doc. Antara)

JAKARTA - The peace process of PT Sri Rejeki Isman Tbk (SRIL) alias Sritex and its three subsidiaries with PT Bank QNB Indonesia Tbk and PT Citibank, N. A Indonesia, has entered a new phase. The textile company, owned by conglomerate Iwan Lukminto, must begin the cassation process submitted by its two creditors.

As conveyed by Corporate Secretary Sritex Welly Salam to the Indonesia Stock Exchange, Wednesday, February 9.

Welyy said that on January 28, his party received a decision on the ratification of the peace plan (homologation) for Sritex and its subsidiaries (PT Sinar Pantja Djaja, PT Biratex Industries and PT Primayudha Mandiri Jaya) in the PKPU case Number 12/Pdt.Sus-PKPU/2021 /PN.Smg.

"Against the homologation decision, we have received a notice of a statement of memory of cassation from the Semarang District Court on February 7, 2022," said Welly.

Based on Welly's letter, with the start of the cassation process, the homoligation decision does not yet have permanent and final legal force. Thus, the provisions stipulated in the peace plan (as long as these provisions require the peace plan to have legal and final force) have not yet been applied.

Previously, Sritex had received approval for the Suspension of Debt Payment Obligations (PKPU). At that time, the majority of creditors had given their approval to the peace plan proposal submitted by Sritex in the creditors' meeting with a voting agenda, aka voting, which was held last Friday, January 21.

Based on data from the Sritex PKPU Management Team, 100 percent of the total number of separatist creditors who were present representing all claims of separatist creditors who were present voted in agreement. Meanwhile, 75 percent of the number of concurrent creditors who were present, representing 67.39 percent of the concurrent creditors who attended also voted in favor.

Even the President Director of Sritex Iwan Setiawan Lukminto once expressed his appreciation for the achievement of peace, especially to creditors who are willing to cooperate in the success of the company's restructuring. According to Iwan, creditor support is very important for the peace process and corporate restructuring.

"We believe that good relations and full support from creditors can be the basis for the company to be even better," said Iwan in an official statement, Wednesday, January 26.

As additional information, the principal debt that has matured and is payable based on the original financial documents on the date of the PKPU decision that Sritex will settle is Rp19.96 trillion.

The principal amount of the debt consists of bilateral facilities of Rp5.87 trillion and 178.96 million and 7.5 million euros, syndicated facilities of 350.03 million US dollars, bonds payable of 375 million US dollars, medium term notes (MTN) debt. of US$25 million, and leasing facilities of Rp.289.5 billion and US$1 million.