Garuda finalises debt restructuring

: Latest News; Wednesday, 22 December 2010

Garuda Indonesia says it has concluded its financial restructuring with all creditors including the European Export Credit Agency (ECA) and Commercial Lenders, which signed for the final US$277 million.

Since 2005, Garuda's total debt had decreased from US$868 million to US$464 million by November 2010, due to a combination of payment, debt buy back and equity conversion.

The last US$464 million was signed off last week as an amount of US$277 million restructured until 2016. That debt was used to fund six A330-300 aircraft in 1996.

President and chief executive of Garuda Indonesia Emirsyah Satar said the wrap up of the financial restructuring was an important milestone for the airline, especially in light of its IPO plan in the near future.

Garuda finalises debt restructuring

Latest News

Wednesday, 22 December 2010

Since 2005, Garuda's total debt had decreased from US$868 million to US$464 million by November 2010, due to a combination of payment, debt buy back and equity conversion.

The last US$464 million was signed off last week as an amount of US$277 million restructured until 2016. That debt was used to fund six A330-300 aircraft in 1996.