JAKARTA: Garuda Indonesia has requested directors to postpone a vote on the flag provider’s debt restructuring proposal for 2 days to June 17, its chief government stated late on Monday.
Garuda collectors had been anticipated to vote on the restructuring proposal on Wednesday.
CEO Irfan Setiaputra stated in an announcement {that a} delay was wanted to finalise administrative issues and to harmonise the enter of stakeholders on the restructuring proposal.
Garuda began the court-led restructuring course of on Dec. 9, after a vendor petitioned the court docket over unpaid payments.
The court-appointed directors will focus on the proposed voting delay with the supervising decide, one of many directors stated.
“The directors will perform voting by considering the readiness of the debtor for its restructuring proposal,” Martin Patrick Nagel instructed Reuters.
Garuda has supplied to exchange its liabilities to lessors and Islamic bondholders with new bonds and fairness value $1.13 billion.
The newest verified claims below Garuda‘s restructuring course of had reached 120.5 trillion rupiah ($8.21 billion).
The airline stated on Tuesday {that a} majority of the holders of its 2 trillion rupiah ($136.26 million) asset-backed securities “KIK-EBA Mandiri GIAA 01” had agreed on a tenor extension up to 10 years and a brand new fee schedule.
The securities, which securitised income rights from Garuda‘s ticket gross sales on the Jeddah-Medina route, had been issued in 2018 with a tenor of 5 years.
($1 = 14,678.0000 rupiah)- Reuters
