Garuda Gets Creditor Nod to Restructure $9.6 Billion of Debt
- Plan approved by vast majority creditors in Jakarta court
- Carrier aims to raise new debt, sell shares to raise funds
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Creditors gave PT Garuda Indonesia the go ahead on a plan to restructure liabilities worth 142.4 trillion rupiah ($9.6 billion), giving the carrier more financial headroom as it seeks to capitalize on the rebound in international travel.
More than the required two-thirds of creditors agreed to the plan -- under which Garuda will issue roughly $800 million of new debt -- in a vote in Jakarta court on Friday. The result is set to receive an official stamp of approval on June 20.