by Amruth Sundarkumar | Jul 26, 2021 | Distressed / Defaulted Bonds
Indonesian textile company Sritex, faces IDR 26.02tn ($1.8bn) in creditor claims, an increase from IDR 20tn ($1.38bn) reported in June. The company is undergoing a debt restructuring after being put under a debt suspension process in May when business partner CV Prima...
by bondevalue | Apr 27, 2021 | Credit Ratings
Indonesian textile company Sritex and its dollar bonds were downgraded to C from CCC- by Fitch. The downgrade comes on the back of Sritex not meeting an interest payment of $850,000 on 23rd April on its syndicated loan. Fitch said it may downgrade the ratings “further...
by bondevalue | Apr 26, 2021 | Distressed / Defaulted Bonds
Indonesian textile company Sritex applied for a moratorium in Singapore’s high court on April 21 so that it could continue negotiations with banks. The application for moratorium comes after an onshore creditor filed a petition to begin restructuring of the company....
by bondevalue | Apr 19, 2021 | Financial News
Troubled Indonesian textile company Sritex has paused payments on its dollar loan, preparing for a debt restructuring. Sritex said it intends to maintain the pause in payments until it submits its restructuring plan to lenders. Sources say that the company expects to...
by bondevalue | Apr 12, 2021 | Credit Ratings, High Yield Bonds, Southeast Asia
Moody’s downgraded Sritex to Ca from B3 with a negative outlook. Sritex is planning on restructuring its bank debt, which once completed, would be considered by Moody’s as a distressed exchange and thereby a default under the agency’s definition. Loss of bank funding...
