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Home arrow Latest News arrow The Biggest Textile Factory Duniatex Fails to Pay Again


				
			
			
The Biggest Textile Factory Duniatex Fails to Pay Again PDF Print E-mail
Written by Maizer   
Friday, 30 August 2019

Although previously a number of bankers claimed that they were not worried, but Duniatex Group, textile producer which is predicted to be the biggest in Indonesia, finally began to default on credit installments.

 

This was revealed by the Director of Treasury and International BNI Bob Tyasika Ananta. According to him, Duniatex has been late paying credit installments since August until it was included in collectibility 2.

 

"Duniatex paid until June. But then in August put it into collectibility 2. The exposure was Rp 500 billion, not big," said Bob at BNI Tower.

 

For information, Duniatex Group's financial difficulties arose after the alleged default of Duniatex due to delaying payment of interest obligations on bonds valued at US $ 260 million owned by its subsidiary, PT Delta Dunia Sandang Tekstil (DDST).

 

In addition, the settlement of US dollar-based futures contracts owned by the company also makes the cash flow out thinner, which also contributes to limit the company's ability to pay debt obligations in the next 3 months.

 

The global rating agency, Fitch Ratings, has downgraded the debt rating of PT Delta Merlin Dunia Textile or DMDT, a subsidiary of the Duniatex Group, to 'CC' from before 'CCC'. The company's senior global bonds are also given the same rating.

 

This rating cut continues Fitch's move on July 24, 2019 which downgraded Duniatex's debt rating by 3 levels from 'B-' to 'CCC-'.

 

Fitch said the downgrade this time reflected the company's high liquidity problems and the potential for default. Because, it is probable that Duniatex will not be able to meet its debt service obligations and settlement of futures contracts that will mature in the third quarter of this year.

 

Duniatex is a textile factory from Solo, which is also the hometown and home of President Joko Widodo (Jokowi). In terms of size, Duniatex is indeed a larger company compared to the record assets of another textile company from Solo, namely PT Sri Rejeki Isman Tbk (SRIL).

 

Duniatex's assets, which consist of six main companies, are indeed no match for even a combination of SRIL and other textile issuers on the exchange, namely PT Pan Brothers Tbk (PRBX). Another fairly large textile company listed on the stock exchange is PT Indorama Synthetics Tbk (INDR).

 

 
		
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