Liabilities Nearly 17 Trillion Shield, Indonesia's Largest Textile Company Shocked The National Banking Industry

Debt laden PT Delta Merlin Dunia Textile (DMDT), the largest textile company in China, is unable to pay interest on bonds due in July 10, 2019.

It is reported that the Duniatex group's subsidiary has issued $300 million worth of bonds four months ago, and the maturity date of the bond is July 10th. But the company is heavily indebted and unable to pay the bad interest on time, shaking the national banking industry.

　　 DMDT's failure to pay bond interest on time has not only shocked investors but also made domestic banks deeply puzzled and surprised. According to people familiar with the matter, DMDT debt is estimated to be as high as 17 megabytes, one of which is PT Bank Mandiri Tbk, which offers large loans to Duniatex group.

Karl Dica, managing director of Wan Zi Li bank listed company (KartikaWirjoatmodjo), told the media on Tuesday (July 23rd), "we are also surprised by the news, which is a bolt from the blue."

Carle, managing director of Wan Zi Li bank, ensures that the bank has factory production machines and sufficient land as collateral. Rohan Hafas, Secretary of Wan Zi Li bank, said, "financial restructuring negotiations are ongoing with the debtor." It is reported that the company has made a loan of 260 million US dollars to several state-run syndicated banks. This includes the 789 billion shield from the Indonesia National Bank (BNI) to Duniatex.