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Bankrupt Sritex seeks investors to lease assets, rehire laid-off workers
Under this plan, future investors will rent Sritex’s industrial machines and restart operations, bringing back workers under newly formed corporate entities, Nurma said.
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PT Sri Rejeki Isman (Sritex) curator Nurma Sadikin (center) addresses a press conference alongside State Secretary Prasetyo Hadi (left) and State-Owned Enterprises (SOEs) Minister Erick Thohir on Monday after a meeting at the Presidential Palace.
(Courtesy of/State Secretariat Office)
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dministrators of embattled textile giant PT Sri Rejeki Isman (Sritex) are in talks with potential investors to lease its assets and rehire some of the thousands of laid-off workers, according to a team of curators responsible for handling the company’s assets after it was officially declared bankrupt.
Once selected, the investor in question is expected to open a recruitment scheme, allowing laid-off employees to return to work under new management, but there is no guarantee that all workers will be able to return.
“We are in active discussions. Within two weeks, we’ll decide which investor will lease Sritex’s assets,” curator Nurma Sadikin told reporters after a meeting at the Presidential Palace.
Read also: Govt vows to assist laid off Sritex workers after company ceases operations
Sritex was officially declared bankrupt late last year after struggling to manage its debts, which totaled Rp 29.8 trillion (US$1.8 billion) owed to more than 1,500 creditors, according to a February report.
The Surakarta-based company ceased operations on March 1 following an unsuccessful appeal against the bankruptcy verdict.
Under this plan, future investors will rent Sritex’s industrial machines and restart operations, bringing back workers under newly formed corporate entities, Nurma said.
