JAKARTA: Indoinesia's national flag carrier Garuda Indonesia will seek to restructure US$500mil of Islamic bonds due to mature next month, the deputy of the state-owned enterprises ministry has announced.
"We plan to ask for restructuring of the maturing global sukuk," Kartika Wirjoatmodjo said via text message on Sunday .This week, Garuda said in a statement to the Indonesia stock exchange that it was starting"a process of open and constructive dialogue" with its bondholders via an agent.
Garuda also said the coronavirus pandemic, which has disrupted global travel, had"created an extremely challenging business environment" and the airline had been taking measures to protect its staff, continue to serve customers and manage liquidity. Garuda's chief executive, Irfan Setiaputra, confirmed restructuring of the sukuk was being discussed without elaborating.
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