JAKARTA -- Attempts by one of Indonesia's biggest textile companies, Sri Rejeki Isman (Sritex), to appease its creditors and remain operating ended in defeat on Friday when a court declared it insolvent.
Companies
Indonesian textile maker declared insolvent with $2.1bn in debts
More than 12,000 Sritex workers to lose jobs in blow to nation's manufacturing sector
One of Indonesia's largest textile manufacturers was declared insolvent on Friday after a long legal battle over liabilities of $2.1 billion. More than 12,000 workers will lose their jobs. (Photo by EPA/Jiji)
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