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Garuda’s Creditors Vie for Cash in $9.8 Billion Debt Revamp

  • Deadline for creditors to submit claims is on Wednesday
  • Airline offers recovery rate of 19 cents on the dollar
Updated on

Creditors of PT Garuda Indonesia looking to recoup money in the airline’s $9.8 billion debt restructuring must submit their bids on Wednesday. 

The deadline of 5 p.m. Jakarta time (10 a.m. in London) for filing claims will be the first in a series of milestones and months of wrangling that could stretch into September. The airline is seeking to cut liabilities to $3.7 billion and renegotiate leasing terms or return planes to aircraft lessors with the smallest penalties possible.