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Garuda Indonesia seeks delay in debt restructuring vote
Saturday, 14 Jun, 2022
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Struggling flag carrier Garuda Indonesia has sought a delay in the vote on its debt restructuring proposal.
The vote was due to take place today but asked for it to be postponed until the end of the week.
Airline CEO Irfan Setiaputra said it needs more time to finalise various administrative matters.
It also needs to ‘harmonise the input of stakeholders’ on the restructuring proposal.
Garuda entered the court-supervised restructuring last December.
The restructuring process has already been extended twice.
The airline says it has logged verified claims of US$9.8 billion.
Garuda hopes the restructuring can reduce its debt to about $3.7 billion.
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