The Indonesian Ministry of Industry is formulating several rescue strategies for publicly listed textile company PT Sri Rejeki Isman Tbk (Sritex) following the textile manufacturer's recent bankruptcy declaration. Sritex and its four key subsidiaries were declared bankrupt after a creditor nullified a prior debt restructuring deal. Sritex has filed for cassation while assuring stakeholders of continued operations. In an official statement on Friday (Oct 25), Sritex affirmed its respect for the ruling while emphasizing its commitment to swift legal resolution.The company promptly initiated internal consolidation efforts to ensure continuity and is actively consulting with its stakeholders, which include creditors, suppliers, and employees.The court’s decision affects four Sritex subsidiaries located in different parts of Central Java, with approximately 15 thousand employees directly impacted. However, Sritex maintains additional subsidiaries beyond these four companies.At a meeting between Minister of Industry Agus Gumiwang Kartasasmita and Sritex's Main Commissioner Iwan S. Lukminto on Monday, the company reported maintaining 65 percent production capacity. Hence, Yanita emphasized that while government intervention is necessary, the rescue efforts extend beyond Sritex alone. In the future, the government will also create new policies to prevent similar cases across other industries."Sritex is just a case, but for the comprehensive policy, we will learn from this," she concluded.Source:https://en.antaranews.com/news/331629/govt-sets-rescue-plan-for-textile-giant-sritex-after-bankruptcy-ruling (ICE GIACARTA)

Fonte notizia: ANTARA NEWS, 28 October 2024