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Garuda completes financial restructuring with creditors
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.