Independent Asia Credit Intelligence: Asia Restructurings
Acrostics Asia accurately flagged companies that would likely fall into restructurings or liquidations.
Acrostics Asia connects the dots to deliver forward-looking insights across Asian sovereigns, private credit and restructurings.
Within a year, Acrostics Asia has built a track record of accurately flagging companies that would likely fall into restructurings or liquidations and the likely sticking points.
đ¸ Sritex
Acrostics Asia flagged on 17 September 2024 that Sri Rejeki Isman (Sritex)âs 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 Indonesian textile company bankrupt.
On 20 December 2024, Acrostics Asia wrote that Sritex was nearing the end of the road as its appeal was rejected by the Supreme Court. Acrostics Asia also noted on 24 February 2025 that the Indonesian governmentâs efforts to rescue Sritex had lost momentum. Around a week later, Sritex officially shut down its operations.
Acrostics Asia wrote on 24 May 2025 that the detention of Iwan Setiawan Lukminto â the eldest son of the groupâs late founder â signalled the depletion of the familyâs political capital. Acrostics Asia also flagged that the investigation by the Attorney-Generalâs Office into suspected corruption at Sritex may shrink the expected recovery for lenders.
đ¸ Krakatau Steel
Acrostics Asia flagged on 20 May 2025 that Indonesian state-owned steel maker Krakatau Steel was facing headwinds including cheaper steel imports from China, a cut in Indonesiaâs infrastructure spending and a weaker rupiah.
Nearly five months later, Krakatau Steel said it had asked Indonesian sovereign fund Danantara for USD 500 million in working capital and would request another USD 500 million for its restructuring.
Acrostics Asia noted that Krakatau Steel had a parallel to Indonesiaâs troubled textile companies, which struggled with a longer cash conversion cycle.
đ¸ Novaland
Acrostics Asia flagged on 9 June 2025 that Novaland would likely have to go for another restructuring barely a year after it completed a Singapore scheme of arrangement.
Acrostics Asia also wrote that the Vietnamese developer would likely follow the Chinese restructuring playbook of converting some debt into equity and prioritizing local creditors.
In August 2025, Novaland reportedly proposed to swap 320 million shares with shareholder loans and corporate bonds.
Novalandâs offshore bondholders were structurally disadvantaged because the notes were issued at the holding company level, while Vietnamâs bankruptcy law was considered largely untested at the time.
đ¸ Del Monte
On 2 July 2025, Acrostics Asia wrote that Del Monte Foodsâ âtrapdoorâ trick â dropping a set of collateral to an unrestricted unit that repledged those assets to get new loans â set off the chain reaction that led to the bankruptcy filing of the 139-year-old US canned food producer.
Acrostics Asia anticipated on 4 July 2025 that while Del Monte Foodsâ Asian parent, Del Monte Pacific, would likely take a hit from the deconsolidation of the US subsidiary, its cash-generating Philippine unit can be a lifeboat.
Del Monte Pacific announced nearly a month later that it had recognized a full impairment of USD 703.5 million related to the US business. On 24 November 2025, Del Monte Pacific reported a 10% increase in quarterly sales, lifted by the contribution from its Philippine unit.
đ¸ SriLankan Airlines
Acrostics Asia wrote on 4 July 2025 that SriLankan Airlinesâ 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.
On 4 August 2025, Acrostics Asia also flagged that the bondholders risked overplaying their hand by pushing for a full recovery, as a clause in Sri Lankaâs 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 restructuring agreement that would include a 15% haircut for the bondholders.
Acrostics Asia is an independent credit intelligence provider that helps you to anticipate whatâs next across Asiaâs credit markets.