SEMARANG, RAKYAT NEWS – PT Sri Rejeki Isman (Sritex), one of Indonesia’s largest textile manufacturers, is currently in the midst of a bankruptcy process after being sued by its vendor, PT Indo Bharat Rayon, due to outstanding debts. During the first creditors’ meeting held on November 13, 2024, at the Semarang Commercial Court, BNI’s legal counsel, Yudhi Wibisana, expressed deep concern over the company’s bankruptcy status, which he described as a “disaster for Indonesia’s textile industry.”

The bankruptcy proceedings involve not only Sritex but also its three subsidiaries: PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya. These companies have been accused of failing to settle their financial obligations to PT Indo Bharat Rayon, with Sritex’s total debt reaching a staggering IDR 14.64 trillion, owed to 27 banks and three multi-finance companies as of September 2024.

In his statement, Wibisana emphasized the need for transparency throughout the bankruptcy process, proposing the formation of a Temporary Creditors Committee. This committee would oversee the actions of the appointed curators, ensuring they act independently, transparently, and professionally in managing the process. BNI, as a major member of the state-owned banking association Himbara, is keen to ensure that all stakeholders’ interests are protected.

Wibisana’s call for transparency is grounded in the importance of safeguarding both creditors’ and debtors’ legal rights during the bankruptcy process. He stressed the importance of maintaining careful oversight to avoid potential legal violations by any of the parties involved, including the debtor, curators, and creditors.

Sritex, based in Sukoharjo, Indonesia, was hit with the bankruptcy lawsuit after PT Indo Bharat Rayon filed a petition over unpaid debts. The court proceedings have now led to the formal appointment of curators, who are responsible for managing the company’s financial affairs and handling creditor claims. The first meeting with creditors was primarily introductory, allowing curators to present themselves and their role in the proceedings.

According to Denny Ardiansyah, one of the curators, the initial creditors’ meeting was a procedural gathering to introduce the curators and the supervising judge from the Semarang District Court. While nine creditors have registered their claims, the total debt reported so far is around IDR 600 billion, with the largest claim coming from the Directorate General of Taxes, amounting to IDR 500 billion.

Ardiansyah assured the creditors that the curators would proceed with caution to ensure that all stakeholders are treated fairly. He emphasized that the curators would be careful not to make decisions that could inadvertently cause further losses or complications in the process.

As the bankruptcy proceedings continue, one of the critical concerns is the welfare of the 2,500 employees affected by the situation. While some of the workers have been temporarily laid off due to a shortage of raw materials, Sritex management has confirmed that they will still receive their salaries, and no permanent layoffs are currently planned. The curators are also awaiting complete data on the company’s workforce to proceed with their next steps. (Uki Ruknuddin)

 

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