Garuda Indonesia proposes to extend maturity on $500 million sukuk

Garuda Indonesia proposes to extend maturity on $500 million sukuk

FILE PHOTO: A plane belonging to Garuda Indonesia is seen on the tarmac of Terminal 3, SoekarnoÐHatta International Airport near Jakarta, Indonesia April 28, 2017. REUTERS/Darren Whiteside/File Photo/File Photo

Garuda Indonesia is proposing that holders of its $500 million Islamic bonds switch parts of the debt to equity, take a haircut and extend the tenure to 10 years, as part of the airline’s debt restructuring, executives and an official said.