Sritex Agrees Extension With QNB Indonesia on $35.4M Bilateral Facility Due April 1

PT Sri Rejeki Isman Tbk (Sritex) and its bilateral lender QNB Indonesia have agreed to extend $35.4 million of short-term borrowings originally due on April 1, according to two sources with knowledge.

One of the sources said that the extension was “temporary” and it would be until Sritex wraps up its debt restructuring exercise. The second source said that the extension was agreed until July 1. Continue reading for our Asia Core Credit team's update on Sritex's loan extension and request a trial for access to our analysis and reporting on hundreds of other debt restructuring situations in the region.

As previously reported, Sritex further disclosed in its 2020 financials that its $35.4 million of short-term borrowings with QNB Indonesia were due on April 1 and extension discussions with the bank were in progress

Sritex ‘s one-year committed drawn revolving credit facility with Taipei Fubon Commercial Bank bank, totalling $20 million, is due today, April 7, and a DBS bilateral facility of $4.4 million is due on April 23, the financials show. Taipei Fubon Commercial Bank has hired Allen & Overy’s Indonesian arm, Ginting & Reksodiputro, as legal advisor, as reported.

A Sritex representative declined to comment on QNB’s extension but said that the company is in the middle of “discussion” with its newly appointed financial advisor and will update if there was “further information”.

QNB declined to comment.

See Reorg’s previous coverage of Sritex HERE, including the company’s most recent earnings HERE.

Sritex’s capital structure is as follows:

-- Sarah Yuniarni, Nidhi Pandurangi