JAKARTA - The vote regarding the Going Concern option for PT Sri Rejeki Isman Tbk (Sritex) and its three subsidiaries was cancelled on Thursday (30/1) at the Semarang District Court.

The meeting, which was attended by representatives of debtors, creditors, and the curatorial team, focused on further verification and proposals from creditors.

‘We have to provide a scheme for what the Going Concern option is, what the insolvency option is, so that it can be considered by all creditors,’ said Iwan Kurniawan Lukminto, President Director of Sritex, after the meeting.

Iwan added that his party is ready to discuss with the curator team according to the direction of the Supervisory Judge. Sritex management will also prepare the necessary data as part of the feasibility study or feasibility analysis of the company.

‘We will discuss the sales scheme, profit, and comparison of existing options. The curatorial team is also responsible to creditors,’ he continued.

Meanwhile, Curator Team member Denny Ardiansyah said that the meeting between the curator and the debtor will take place in the next 21 days. Afterwards, creditors will be invited back to discuss the results of the meeting.

In this meeting, the curator team had proposed an audit by an independent expert. However, creditors prefer that the curators and debtors devise the best scheme to resolve Sritex's bankruptcy.

Based on Law No.37/2004 on Bankruptcy and PKPU, a Going Concern proposal can only be accepted if approved by creditors representing half of the total receivables of the bankrupt company. Currently, the receivables billed by creditors against Sritex Group reach IDR 32.6 trillion, although this amount may change after the verification process by the curatorial team.

At the previous creditors' meeting on 21 January 2025, the curatorial team had rejected 115 bills from concurrent creditors. After verification, the number of concurrent creditors accepted in this case reached around 80 creditors, while separatist and preferred creditors had already been verified.

The final decision regarding Sritex's business continuity now depends on the outcome of discussions between the debtor and the curatorial team, as well as the approval of the creditors in the upcoming meeting.(DK/LM)