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Rescue plan kicks off for bankrupt textile firm Sritex
A rescue plan is in the works to save major Indonesian textile company PT Sri Rejeki Isman (Sritex), according to the company’s management, the government and labor unions.
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Workers leave a PT Sri Rejeki Isman (Sritex) factory in Sukoharjo, Central Java, on Oct. 24, 2024. (Antara Foto/Mohammad Ayudha)
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rescue plan is in the works to save major textile company PT Sri Rejeki Isman (Sritex), according to the company’s management, the government and labor unions.
Sritex president commissioner Iwan Setiawan Lukminto visited the Industry Ministry on Monday for a meeting with Industry Minister Agus Gumiwang Kartasasmita to discuss how to save the textile company.
Iwan explained that he had been asked by Agus to keep operations running at Sritex and that, even though the company had been declared bankrupt, it was still working normally.
“I have a large-scale strategy, the point is how to make everything more sustainable,” Iwan was quoted as saying by CNN Indonesia on Monday, adding that he would put together a task force to implement the measures immediately.
"The [team members’ names] have not been made public yet,” he said.
The company has appealed the bankruptcy ruling and is seeking government support, as stated on its Instagram account.
Read also: Low productivity, not imports, hurting local manufacturing competitiveness: Airlangga
