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 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 | Jun 4, 2021 | High Yield Bonds
Indonesia’s national carrier Garuda Indonesia is likely to seek suspensions of its debt payments to avoid bankruptcy under a standstill agreement with the creditors. Indonesia’s deputy minister of state-owned enterprises (SOEs), Kartika Wirjoatmodjo, told a...
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...
