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Jakarta District Court approves Garuda Indonesia restructuring
June 29th 2022
Garuda Indonesia has informed the Indonesia Stock Exchange the Central Jakarta District Court has approved the company's restructuring strategy. Read More » Terms of the financial revamp include agreements with creditors to consolidate debt, a reduced fleet and a trimmed international network among other measures. Garuda Indonesia president director, Irfan Setiaputra, said the green light from the court reflected the optimism of all stakeholders, including creditors, about the future of the airline group. The SkyTeam alliance member is focused on being a stronger, healthier and resilient business that will accelerate its recovery in the next two to three years, Irfan said. Garuda is expected to receive a 7.5 trillion rupiah (US$520 million) capital injection from the Indonesian government now its restructuring plan has been approved.
