Distressed Firm Sritex Is Said to Pause Dollar Loan Payments
- The loan was signed in 2019 with initial size of $350 million
- Clothing firm has slid into distress as pandemic hits exports
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Indonesia’s biggest listed clothing company has paused payments on a dollar loan as it prepares a debt restructuring proposal, a person familiar with the matter said.
PT Sri Rejeki Isman, known as Sritex, intends to maintain the pause until it submits the restructuring plan to lenders which it expects to do by the week starting Aug. 9, the person said, asking not to be identified because the details are private.