Garuda Indonesia completed its financial restructuring with creditors by finalizing a re-worked $277 million debt agreement with the European Export Credit Agency.
Garuda decreased its debt from $868 million in 2005 to $464 million (as of Nov. 30) through a combination of payment, debt buy-back and equity conversion strategies. The $277 million, which was used in part to fund six Airbus A330s in 1996, was restructured to allow repayment through 2016.
Garuda Indonesia completed its financial restructuring with creditors by finalizing a re-worked $277 million debt agreement with the European Export Credit Agency. Garuda decreased its debt from $868 million in 2005 to $464 million (as of Nov. 30) through a combination of payment, debt buy-back and equity conversion strategies. The $277 million, which was used in part to fund six Airbus A330s in 1996, was restructured to allow repayment through 2016. President and CEO Emirsyah Satar ...
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