Duniatex Group, Semarang-based textile company, asked Singapore bourse to temporarily suspend its US$300 million bond trade. The reasoned, its unit PT Delta Merlin Dunia Textile (DMDT) is being submitted to undergo the Debt Obligation Delay case by its creditor.
PT Shine Golden Bridge has submitted the bankcruptcy case to Semarang court, in Central Java. The subsidiary issued senior unsecured bonds with a value of US$300 million which will mature in 2024 with an interest of 8.62%. In the third quarter (Q3) of 2019, the company had an obligation to pay interest on bonds and bank loans of around Rp450 billion or US$21.28 million but did not afford to pay these obligations.