Indonesia’s Sritex to Seek $275 Million Loan Facility in Meeting
Workers exit the Sri Rejeki Isman PT factory in Solo, Central Java, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Indonesian clothing firm PT Sri Rejeki Isman plans to propose the reactivation of working capital facilities through a revolving loan in the amount of $275 million in a creditors’ meeting.
The secured working capital revolver would help the Jakarta-listed company, known as Sritex, in the procurement of raw materials and reduce the needs to make cash advance payments to its raw material suppliers, according to a proposed term sheet dated Nov. 5 that was accessed through a link in a filing to Singapore exchange on Saturday.