Indonesia Textile Giant to Lay Off Workers as Lenders Deny Deal
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Indonesian textile giant PT Sri Rejeki Isman will lay off thousands of workers as it prepares to shutter operations after failing to reach agreement with creditors.
Creditors of Sritex, as the garment maker is known, turned down a going concern request during a court-supervised meeting in Semarang, Central Java province, on Friday, the company said in a statement. They agreed to form a committee to settle the bankrupt company's assets, it added.
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