Sritex Defaults, This is its List of Debts at 28 Banks

The textile issuer PT Sri Rejeki Isman Tbk (SRIL), or Sritex, was declared bankrupt by the Semarang Commercial Court on Thursday, October 24, 2024.

According to its financial statements, before being declared bankrupt, at the end of June 2024, Sritex had debts or liabilities of US$1.59 billion, equivalent to Rp25.19 trillion (assuming Rp15,765 per US$).

This debt consisted of US$131.41 million in short-term liabilities and US$1.46 billion in long-term liabilities.

Long-term liabilities were dominated by bank loans, amounting to US$809.99 million or approximately Rp12.76 trillion.

Sritex owed the most to BCA, with a debt of US$71.31 million or approximately Rp1.12 trillion.

The following is a breakdown of Sritex's long-term debt to 28 banks at the end of June 2024:

1. PT Bank Central Asia Tbk: US$71,309,579
2. State Bank of India, Singapore Branch: US$43,887,212
3. PT Bank QNB Indonesia Tbk: US$36,939,772
4. Citibank N.A., Indonesia: US$35,826,893
5. PT Bank Mizuho Indonesia: US$33,709,712
6. PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk: US$33,270,249
7. PT Bank Muamalat Indonesia: US$25,450,705
8. PT Bank CIMB Niaga Tbk: US$25,339,237
9. PT Bank Maybank Indonesia Tbk: US$25,164,698
10. PT Bank Pembangunan Daerah Jawa Tengah: US$24,202,906
11. PT Bank Negara Indonesia (Persero) Tbk: US$23,807,159
12. MUFG Bank, Ltd.: US$23,777,834
13. Bank of China (Hong Kong) Limited: US$21,775,733
14. PT Bank KEB Hana Indonesia: US$21,531,883
15. Taipei Fubon Commercial Bank Co., Ltd.: US$20,000,000
16. Woori Bank Singapore Branch: US$19,870,626
17. Standard Chartered Bank: US$19,570,364
18. PT Bank DBS Indonesia: US$18,238,794
19. PT Bank Permata Tbk: US$16,707,929
20. PT Bank China Construction Indonesia Tbk: US$14,912,809
21. PT Bank DKI: US$9,130,513
22. Bank Emirates NBD: US$9,014,852
23. ICICI Bank Ltd., Singapore Branch: US$6,969,549
24. PT Bank CTBC Indonesia: US$6,950,110
25. Deutsche Bank AG: US$6,821,059
26. PT Bank Woori Saudara Indonesia 1906 Tbk: US$4,970,936
27. PT Bank Danamon Indonesia Tbk: US$4,519,559
28. PT Bank SBI Indonesia: US$4,380,982