Textile King’s Tangled Web of Debts
Sritex is entangled in debts of up to Rp17 trillion. Its debt restructuring chaos has even reached legal courts.
PRIMA Karya stands behind three-meter-high steel orange gates. Around noon on Thursday, April 29, the construction company’s office in Jalan Juanda, Surakarta, Central Java, was securely locked. Only one motorcycle was seen parked behind the gates.
Prima Karya is a small contractor caught in the web of huge debts of Sri Rejeki Isman, or Sritex. On Wednesday, April 19, this firm owned by Djoko Prananto has submitted a lawsuit&nbs...