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 is also in discussion with lenders to extend the maturity date on a $350mn syndicated loan due January 2022. Moody’s notes that a missed principal or interest payment on their bank loans would be considered a default under their dollar bonds due 2024 and 2025 and could lead to an acceleration of payments. Sritex recently said they would pause dollar loan payments, preparing for debt restructuring.