Sritex Downgraded Again To C By Fitch
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...
Sritex Applies for Debt Moratorium
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....
Sritex to Pause Dollar Loan Payments Amid Restructuring
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...
