The Rocky Road of Garuda's Debt Restructuring

Summary

Two lessors submitted the cancelation of PT Garuda Indonesia (Persero) Tbk's debt restructuring agreements to the Jakarta Commercial Court. Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company asked the court to cancel the homologation decision for the postponement of Debt Payment Obligations (PKPU). In the document, Greylag requested the court to declare Garuda's failure to reach a restructuring deal and its bankruptcy.

Garuda president director Irfan Setiaputra said he would study the demands and coordinate with the authorities. "We carried out homologation through intensive communication and long, thorough discussions with all creditors during the completion of the restructuring process some time ago, including with these two lessors," he said on Wednesday.

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