PT Sri Rejeki Isman Tbk (SRIL), commonly known as Sritex, has officially been declared bankrupt after the Supreme Court rejected its appeal on Wednesday, December 18, 2024, marking a critical turning point for the textile giant.
The Supreme Court hearing, led by Justice Hamdi, confirmed the verdict by the Semarang Commercial Court on Monday, October 21, 2024, which had declared Sritex bankrupt.
The court deemed Sritex failed to fulfill its debt obligations to PT Indo Bharat Rayon (IBR), one of its creditors, as stipulated in the homologation agreement on Tuesday, January 25, 2022.
The decision also implicated three subsidiaries of Sritex − PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya…
