Creditors of Garuda Indonesia are set to vote on a restructuring proposal on Friday, a court-appointed administrator said, after the debt-ridden airline was given a two-day delay on holding the vote.
On Monday, Garuda asked for the vote, which was initially scheduled for Wednesday, to be postponed as the carrier finalised the restructuring proposal.
The latest verified claims against Garuda had reached 142.42 trillion rupiah ($9.67 billion), according to documents from the administrators published on their website on Wednesday, up from 120.51 trillion rupiah recorded last week.
The final debt amount, however, will only be known just ahead of the vote, the administrator Asri, who uses one name, told Reuters.
At Wednesday’s creditors’ meeting, Garuda updated the planned issuance amount of new bonds to $825 million to replace some of its liabilities to lessors, Islamic bondholders and some other creditors, according to a presentation. This compared with $800 million previously.
Garuda is seeking to slash liabilities of $9.8 billion to $3.7 billion under the debt restructuring.
Reuters