JAKARTA, iNews.id – PT Sri Rejeki Isman Tbk (SRIL) or Sritex stated bankrupt by the Semarang City Commercial Court. The largest textile giant in Southeast Asia is known to exist debt with a total of almost 1.6 billion US dollars or the equivalent of IDR 25 trillion.

Quoting the company's financial report, Sunday (27/10/2024), as of June 30 2024 Sritex has debt of 1.6 billion US dollars, consisting of long-term debt of 1.47 billion US dollars (Rp. 23 trillion) and short-term debt amounting to 131.42 million US dollars (Rp. 2 trillion).

Of the total debt, around 51.8 percent is debt banknamely reaching 810 million US dollars or the equivalent of IDR 12.7 trillion.

The dominant debt given by PT Bank Central Asia Tbk or BCA bank is 82 million US dollars or around IDR 1.28 trillion.

For your information, Sritex is textile company which has been operating for 36 years has been experiencing financial problems since last year, when its debts exceeded assets.

Sritex's loans consist of long-term debt, short-term debt and mostly come from bank debt and bonds.

Sritex revealed the cause of the decline in sales in the textile industry. First, the geopolitical conditions of the Russia-Ukraine and Israel-Palestine wars caused supply chain disruptions and a decline in exports due to shifts in priorities by people in Europe and the US.



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