Sritex to Present Composition Plan Draft to Creditors on Sept. 7

Indonesian clothing maker Sri Rejeki Isman and subsidiaries, or Sritex Group, will present an initial draft of the composition plan to creditors on Sept. 7, according to a filing on Singapore exchange on Friday.

• Plan is part of ongoing debt restructuring process enforced by Indonesia’s Semarang Commercial Court
• Sritex Group will seek an extension to the debt restructuring proceeding before it’s set to end on Sept. 21
  • Worsening Covid-19 situation in Indonesia and the ensuing emergency lockdown have delayed its restructuring efforts
• Independent administrators may hold a creditors’ meeting after the extension application, but no composition plan will be put ...