Indonesia Unveils New Garuda Rescue Plan: Jakarta Post

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

Indonesia Says $250bn Needed to Meet Carbon Target

AirAsia Indonesia Halts Flights as Jakarta Locks Down

WATCH MORE:

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.