News
Garuda Indonesia receives second extension to deadline for debt restructuring
March 22nd 2022
An Indonesian court has granted Garuda Indonesia a second extension for completion of the airline’s required debt restructuring, the Reuters news agency reports, citing comments from an unnamed case official. Read More » The 60-day extension, to May 20, allows the carrier more time for discussions with creditors and lessors in its efforts to reach deals that will reduce its US$9.8 billion debt to US$3.7 billion. The deadline for the carrier’s restructuring has now been extended to 120 days, which can be pushed back to 270 days under Indonesian law. Garuda intends to withdraw from several routes and cut its fleet of 142 aircraft by up to two-thirds, among other measures, to transform to a leaner, more efficient airline post-pandemic.
