SINGAPORE: Indonesian clothing firm PT Sri Rejeki Isman plans to propose the reactivation of working capital facilities through a revolving loan in the amount of US$275mil (RM1.14bil) in a creditors’ meeting.
The secured working capital revolver would help the Jakarta-listed company, known as Sritex, in the procurement of raw materials and reduce the needs to make cash advance payments to its raw material suppliers, according to a proposed term sheet dated Nov 5 that was accessed through a link in a filing to Singapore exchange.
