Bankrupt</strong></p>”>Sritex Officially Bankrupt; Airlangga Warns Shareholders
In a significant turn of events, PT Sritex has been officially declared bankrupt, following the rejection of its cassation appeal at the Supreme Court (MA). This marks the end of a long-drawn legal battle for the ailing textile manufacturer.
The court’s decision, which was widely expected, leaves Sritex with no further legal recourse. The company’s creditors will now take control of its assets to recover their debts. However, with Sritex’s liabilities far outweighing its assets, it’s unclear how much creditors will be able to recoup.
Minister of State-Owned Enterprises, Airlangga Hartarto, responded to the news with a stern warning to Sritex shareholders. "This is a clear warning to all shareholders," he said. "When a company is in distress, it’s not enough to just hold shares. You must be proactive in finding solutions."
The Minister also hinted at possible changes in the oversight of state-owned enterprises (SOEs) to prevent such situations in the future. "We are examining the possibility of making changes to the role of commissioners and-independent commissioners," he said. "The aim is to strengthen their role in preventing problems like this from happening again."
Industry experts have long criticized Sritex’s management for its poor decision-making and lack of transparency, which they argue contributed to the company’s downfall. The company’s bankruptcy is expected to have significant repercussions in the textile industry, with speculation rife about the fate of Sritex’s vast network of suppliers and distributors.
Meanwhile, Wamenaker, the state-owned enterprise’s workforce association, has called on the government to intervene and ensure that Sritex employees are not left high and dry. "The government must guarantee the rights and jobs of Sritex workers," they said in a statement. "They are not responsible for the management’s failures."
In other news, shares in Sritex plummeted following the announcement, with analysts predicting further losses in the coming days. As of press time, Sritex shares were trading at a fraction of their value just a year ago.
