Flailing Garuda Indonesia working on sukuk restructuring plan
Garuda Indonesia is struggling to settle a $500 million sukuk payment.
JAKARTA – Following the coupon payment default of a $500 million sukuk that matured lin June 2020, Indonesia’s national flag carrier is formulating a restructuring plan, hoping to provide clarity for its certificate holders.
Irfan Setiaputra, CEO of Garuda Indonesia, told Salaam Gateway that the company is currently focusing on restructuring schemes to its lessors and creditors first, before solving the pending matters with the sukuk certificate holders.
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