The Semarang Commercial Court has placed PT Sri Rejeki Isman Tbk (Sritex) and three of its
subsidiaries - PT Sinar Pantja Djaja, PT Bitratex Industries and PT Primayudha Mandirijaya - into an in-court supervised restructuring (PKPU) at a hearing today, May 6, said three sources familiar with the matter.
The judges’ decision came after a petition filed by CV Prima Karya on April 19 to place Sritex and its subsidiaries into a PKPU, as reported.
Before the final hearing, three hearings took place between April 26 and April 30. The third hearing on April 30 was to hear concluding remarks. The agenda of the second hearing included allowing the plaintiff to show evidence, while the first hearing involved reading the lawsuit and hearing relevant responses.
Sritex did not immediately respond to a request for comment, while CV Prima Karya could not be reached for comment.
See
Reorg’s previous analysis on April 1 in which the risks of such a PKPU were highlighted and key structural differences between the due 2024 notes, due 2025 notes and syndicated loan in a PKPU context were outlined.
See also
Reorg’s follow-up analysis on April 23 relating to Sritex’s
Singapore subsidiaries’ moratorium application and the associated PKPU interplay considerations.