Garuda Misses Sukuk Payment after Grace Period
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...
Modernland Realty Gets Approval For Debt Restructuring
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...
Garuda Sukuk Falls Over 30 Points To Near Pandemic Lows
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...
Serba Dinamik Gives Update On Auditor Concerns; Bonds Continue To Plummet
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...
