Garuda Puts Off Debt Payment Again as It Faces Funding Crunch
- Airline says it will defer sukuk periodic distribution amount
- Indonesian carrier says it’s reviewing operational cash flow
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Troubled flag carrier PT Garuda Indonesia put off the payment on its Islamic debt once again, highlighting its financing crunch as the firm tries to avoid bankruptcy.
The Southeast Asian airline, struggling as the pandemic depresses air travel worldwide, said it “will continue to defer the periodic distribution amount due June 3,” in a filing to the Singapore stock exchange on Thursday.