Garuda aims to complete restructuring proposals in three weeks, after defaulting on $500 million sukuk
JAKARTA – Garuda aims to finalise restructuring proposals for its lessors and creditors in the next three weeks and complete the restructuring process by the end of the year, Irfan Setiaputra, the company’s CEO told Salaam Gateway.
The national carrier last week defaulted on its $500 million sukuk as it continues to be hit by the economic fallout of the COVID-19 pandemic that has largely grounded air travel.
“This afternoon we discussed with our sukuk holders and explained to them why we are deferring the periodic distribution. We greatly appreciate the continued support of sukuk holders during this challenging time,” Irfan Setiaputra told Salaam Gateway on Monday (June 21).
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