by Amruth Sundarkumar | Oct 21, 2022 | Distressed / Defaulted Bonds
Garuda Indonesia won a majority approval for big haircut on its debt as part of its restructuring efforts, as per IFR. However, a couple of creditors could still try to contest the process in foreign courts. Under the restructuring, creditors, holders will accept a...
by Amruth Sundarkumar | Sep 27, 2022 | Corporates
Troubled carrier Garuda Indonesia filed for Chapter 15 bankruptcy at a New York bankruptcy court. CEO Irfan Setiaputra said, “Garuda has requested that a court in New York recognise the airline’s recent debt restructuring deal in a Jakarta court, under Chapter...
by Amruth Sundarkumar | Jun 29, 2022 | Distressed / Defaulted Bonds
Troubled air carrier Garuda Indonesia has halved its debt to $5.1bn from $10.1bn after its court supervised restructuring. Earlier this month, creditors approved restructuring proposals with a majority vote. The company renegotiated the terms of aircraft orders and...
by Amruth Sundarkumar | Jun 20, 2022 | Distressed / Defaulted Bonds
Garuda Indonesia’s creditors approved $9.6bn in restructuring proposals with a majority vote. More than 95% of creditors who attended the vote last week at the Jakarta court accepted Garuda’s proposal with ~$9.6bn in claims to be settled by agreement. The plan...
by Amruth Sundarkumar | Jun 10, 2022 | Distressed / Defaulted Bonds, Southeast Asia
Garuda Indonesia has proposed an $800mn bond issuance in a bid to restructure its debts and avoid bankruptcy. It also said that it would raise $330mn by issuing shares to non-shareholding creditors as part of the proposal. Garuda’s lenders and creditors will...
