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Acrostics Asia is a founder-led credit intelligence provider that takes end-to-end ownership of its insights – from origination to production and distribution.
Within a year, Acrostics Asia has built a track record of delivering forward-looking insights across Asian sovereigns, private credit and restructurings.
Indonesian SOEs
Danantara
Three months before Danantara was launched, Acrostics Asia flagged in November 2024 that the sovereign fund may essentially function as an off-balance-sheet financing vehicle to avoid breaching Indonesia’s fiscal deficit cap.
Acrostics Asia also wrote in July 2025 that Danantara was unlikely to have secured a USD 10 billion credit line despite the media headlines. Six months later, the fund closed a USD 1 billion three-year loan from a group of banks.
Garuda Indonesia
Acrostics Asia reported in April 2025 that Indonesian officials were discussing a potential capital infusion for Garuda Indonesia via Danantara, which was confirmed two months later.
Acrostics Asia also flagged ahead of the curve that the national carrier would continue being weighed down by costly leases even after the capital injection. Any attempt to renegotiate or restructure these leases would likely be constrained by the airline’s local in-court restructuring (PKPU) deal in 2022.
Wijaya Karya
Acrostics Asia flagged in April 2025 that state-owned builder Wijaya Karya was headed for another restructuring due to the infrastructure budget cuts and ballooning costs of the Jakarta-Bandung high-speed rail known as Whoosh.
Seven months later, Wijaya Karya announced that it had to restructure its debt again after a sharp drop in revenue.
Asia Private Credit
Despite the private credit boom in Asia, Acrostics Asia wrote in May 2025 that structural challenges remained, such as the weaker credit quality of some borrowers and enforcement hurdles in certain jurisdictions.
Acrostics Asia broke the news in October 2025 that Ares and Tor secured a rare court victory that should have paved the way for them to replace the board of Indonesian shopping mall operator Supermal Karawaci. However, the incumbents put up a resistance to the court ruling and prolonged the tussle.
Acrostics Asia also wrote in January 2026 that India’s top private credit borrower Shapoorji Pallonji Group had taken the high-yield musical chairs to new heights, as its refinancing costs grew more expensive while the monetization of its key Tata Sons stake remained uncertain.
Asia Restructurings
Indonesian Textiles
Acrostics Asia flagged in September 2024 that Sri Rejeki Isman (Sritex)’s local in-court restructuring (PKPU) agreement risked unravelling as a trade creditor filed a petition to push it into bankruptcy. A month later, a local court declared the textile company bankrupt.
In May 2025, Acrostics Asia noted that Sritex’s peer, Pan Brothers, would likely struggle to get working capital and service its restructured debt amid the US tariff hike and slump in textile demand.
Pan Brothers also went through PKPU and may run into a similar challenge faced by Sritex and another bankrupt Indonesian company, Arpeni Pratama Ocean Line.
Novaland
Acrostics Asia flagged in June 2025 that Vietnamese developer Novaland would have to go for another restructuring barely a year after it completed a Singapore scheme of arrangement.
Novaland’s offshore bondholders were structurally disadvantaged because the notes were issued at the holding company level, while Vietnam’s bankruptcy law was considered largely untested at the time.
SriLankan Airlines
Acrostics Asia wrote in July 2025 that SriLankan Airlines’ noteholders were threatening to wind up the flag carrier, but their sabre-rattling had limited impact as the bond trustees were blocked by a local court.
In August 2025, Acrostics Asia also flagged that the bondholders risked overplaying their hand by pushing for a full recovery, as a clause in Sri Lanka’s restructuring gave the nation a justification not to give special treatment to any group of creditors.
Three months later, SriLankan Airlines announced that it had struck an in-principle agreement for a bond restructuring that would include a 15% haircut.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asia’s credit markets to help you anticipate what’s next.