Garuda Indonesia offers to settle debt with $1.13b of new bonds, shares

Garuda Indonesia offers to settle debt with $1.13b of new bonds, shares

Workers clean the body of a Garuda Indonesia Airbus A320 aircraft inside Hangar 4 of PT Garuda Maintenance Facility (GMF) Aero Asia at Soekarno-Hatta airport in Jakarta.

Indonesia‘s state airline Garuda Indonesia has offered to replace its liabilities to lessors and Islamic bondholders with new bonds and equity worth $1.13 billion, it told creditors in a meeting overseen by a Jakarta court on Thursday.