Indonesia’s state-owned enterprises (SOE) ministry has announced a new plan to save Garuda Indonesia, as the debt-laden national air carrier teeters on the edge of bankruptcy, The Jakarta Post reported.
The proposal, unveiled by Kartika Wirjoatmodjo, deputy SOE minister, entails pressing creditors – including aircraft lessors, banks and business partners – to accept either a haircut or a debt-for-equity swap.
Garuda would issue zero coupon bonds to repay state-owned companies Pertamina, Airnav, Gapura, Bank Mandiri, BRI and BNI and would conduct a debt-for-equity swap to repay state-owned airport operators AP I and AP II.
Read the full report: The Jakarta Post
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