Headline:
Sritex‘s Mountain of Debt: Textile Giant on Verge of Bankruptcy with Diverse Creditors
Subhead:
PT Sri Rejeki Isman Tbk‘s (SRIL) mounting debts spread across various banks, reaching $1.6 billion, as it teeters on the brink of bankruptcy.
Byline:
Jakarta, CNBC Indonesia –
Article Body:
The textile giant, PT Sri Rejeki Isman Tbk (SRIL), known popularly as Sritex, is facing a dire financial situation. Its liabilities have soared to $1.6 billion, or approximately Rp 25.01 trillion, with its equity registering a deficit of $980.56 million. This precarious financial stance has placed Sritex on the precipice of bankruptcy, with its debts scattered among numerous banks across Indonesia.
Sritex’s liabilities are predominantly long-term, accounting for $1.47 billion, with short-term liabilities totaling $131.42 million. A significant contributor to its long-term liabilities is its bank debts, which amount to $809.99 million, or around Rp12.66 trillion.
As of the first half of 2024, at least 28 banks hold long-term credit on Sritex. Among these, Bank Central Asia (BCA) is the primary creditor, with a total long-term credit of $71.30 million (Rp1.11 trillion). BCA also has short-term credit totaling $11.37 million in Sritex.
Following BCA, State Bank of India, Cabang Singapura is the second-largest long-term creditor, with a total credit of $43.89 million. PT Bank QNB Indonesia ranks third, with a total long-term credit of $36.94 million. Citibank NA, Indonesia follows closely with $35.83 million, and PT Bank Mizuho Indonesia rounds out the top five with $33.70 million.
Sritex’s lengthy list of long-term bank debts includes creditors such as PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk, PT Bank Muamalat Indonesia, PT Bank CIMB Niaga Tbk, PT Bank Maybank Indonesia Tbk, PT Bank Pembangunan Daerah Jawa Tengah, PT Bank Negara Indonesia (Persero) Tbk, Bank of China (Hong Kong) Limited, PT Bank KEB Hana Indonesia, and many more.
The extensive list of creditors and the substantial amounts owed to each highlight the severity of Sritex’s financial woes. As the textile industry continues to face headwinds, Sritex’s future hangs in the balance, with its bankruptcy threatening to upend the entire sector.
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