Garuda Airlines Proposes Extension of Restructuring Again
Garuda Airlines has asked a Jakarta court to extend its deadline to complete its debt-restructuring for the third time. The reason cited was verification of some claims still remaining unfinished, with a 30-day extension being sought. “We are certain that this...
Garuda Creditors Offered Recovery Rate of 19 Cents on Dollar
Indonesia’s distressed flag carrier, PT Garuda Indonesia wants bondholders to take a substantial haircut of 81 cents on the dollar, Bloomberg reports. Creditors will be submitting their bids for claims today (deadline of 5pm Jakarta time) as part of the airline’s debt...
Serba Dinamik Confirms Sukuk Default; Sees Significant Financial Impact
Serba Dinamik confirmed the default on its $222.22mn sukuk and revealed that the incident may affect the group’s financial performance. As per Bursa Malaysia, the sukuk holders are entitled to seek compensation for 25% of the aggregate face value of the sukuk which...
Serba Dinamik Downgraded to D by S&P on Missed Coupon Payment
S&P downgraded Malaysia’s Serba Dinamik to D from CC following the latter’s failure to pay its $7mn missed coupon payment after a 30-day grace period ended on December 9, 2021, constituting an event of default. S&P said that it believes the default...
