This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Sritex Faces $1.8bn in Claims from Creditors
July 26, 2021
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 Karya claimed that Sritex owes it IDR 5.5bn ($380k). A couple of weeks ago, Golden Legacy’s bondholders won an approval to vote on Sritex’s restructuring with its $150mn bonds due 2024 guaranteed by Sritex. Sritex was downgraded by Fitch to RD from C in May after missing its interest payment on a $350mn syndicated loan.
Sritex’s bonds trade at distressed levels with its 7.25% 2025s at 20 cents on the dollar.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.