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JAKARTA — Attempts by one of Indonesia’s biggest textile companies, Sri Rejeki Isman (Sritex), to appease its creditors and remain operating ended in defeat on Friday when a court declared it insolvent.
More than 12,000 workers will lose their jobs when the business is foreclosed on Saturday, dealing a blow to President Prabowo Subianto’s efforts to create jobs in Southeast Asia’s largest economy.
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