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Garuda Indonesia files for bankruptcy protection in U.S. court: CEO confirms report
September 27th 2022
Garuda Indonesia has applied to a U.S. court for bankruptcy protection under a process known as Chapter 15, local media has reported, quoting the flag carrier’s CEO, Irfan Setiaputra. Read More » The Chapter 15 filing in the U.S. Bankruptcy Court for the Southern District of New York seeks certainty for the airline's debt restructuring plan approved in June by the Central Jakarta District Court. Critical terms of the financial restructuring are agreements with creditors to consolidate debt, a reduced fleet – in the short-term - and a trimmed international network. Indonesia’s national government also has agreed to a cash injection for the carrier.
