by Amruth Sundarkumar | Jul 15, 2021 | High Yield Bonds, Southeast Asia
Lippo Malls Indonesia Retail Trust (LMIRT) has been downgraded to B+ from BB- with a negative outlook by Fitch Ratings as the LMIRT malls across Java, Bali and Medan have been forced to shut temporarily due to Covid-19 restrictions. Along with the Issuer Default...
by Amruth Sundarkumar | Jun 18, 2021 | Distressed / Defaulted Bonds, Southeast Asia
Distressed airlines PT Garuda Indonesia missed the payment on its $500mn 2023s Sukuk even after a 14-day grace period, which lapsed yesterday. The bonds of the state-owned carrier were originally due on June 3, 2021. The airlines in a filing with the Singapore stock...
by Amruth Sundarkumar | Jun 15, 2021 | High Yield Bonds, Southeast Asia
Distressed Indonesian property developer Modernland Realty got a nod from its bondholders for a restructuring according to Bloomberg. Under the restructuring deal, the property firm will replace its 10.75% 2021s and 6.95% 2024s with new bonds with maturities in 2025...
by Amruth Sundarkumar | Jun 11, 2021 | High Yield Bonds, Southeast Asia
Garuda’s USD 5.95% 2023 Sukuk crashed over 30 cents to trade at 41.4 cents on the dollar on Thursday. The Indonesian airline has been troubled by liquidity concerns and disclosed early termination of plane leases and unpaid salaries. Last week, Garuda sought...
by Amruth Sundarkumar | May 31, 2021 | High Yield Bonds, Southeast Asia
Serba Dinamik gave an update on the auditor concerns that were flagged on Thursday. The O&G services company said that their auditor KPMG tried to check on sales transactions, trade receivables and on site balances of materials, but received a response from only...
by bondevalue | May 24, 2021 | High Yield Bonds, Southeast Asia
In the wake of the pandemic, Garuda Indonesia is planning a restructure of its full-service airline fleet that could see the airline slashing its fleet to 70 aircraft from the existing 142. The airline is presently operating only 41 aircraft since most of its fleet...
