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Garuda Indonesia requests third extension to debt restructuring deadline
May 16th 2022
Garuda Indonesia has applied to the Central Jakarta District Court for a 30-day extension to finalise its debt restructuring. Read More » In a regulatory filing to the Indonesia Stock Exchange, the airline said the additional 30 days will give Garuda and its creditors more time to reach mutual agreement on the reduction of its debt from US$9.8 billion to US$3.7 billion. In March the court extended the deadline for submission of Garuda’s debt structuring plan for the second time, to May 20. Garuda president director, Irfan Setiaputra, said the Indonesia flag carrier was grateful for the support and understanding of its creditors throughout the process. There were signs of a promising improvement in its operational performance in the first three months of 2022 as travel restrictions were relaxed, he said. Garuda has said it intended to withdraw from several routes and reduce its fleet of 142 aircraft by up to two-thirds, among other measures, to transform into a more efficient airline post-pandemic.
