Indonesia courtroom extends Garuda debt restructuring by one other two months

JAKARTA: A Jakarta courtroom has once more prolonged flag service Garuda Indonesia’s debt restructuring course of by two months, a case official stated on Monday, as a result of the corporate has but to complete verifying over $10 billion in claims.

That is the second extension granted to the state-controlled airline, which on Jan. 21 was allowed two additional months to finish the claims verification as a part of the debt restructuring course of.

The corporate now has till Might 20 to finish the general debt restructuring course of, stated Martin Patrick Nagel, a court-appointed curator for the case.

As of March 14, claims price $9.72 billion by 229 collectors had been but to be verified and claims price $885.5 million had been disputed because of variations between the airline and claimants’ books.

Garuda is searching for to slash liabilities of $9.8 billion to $3.7 billion underneath a court-supervised debt restructuring. Collectors have submitted $13.8 billion price of claims towards the struggling airline. – Reuters


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