Garuda Indonesia Wraps Up Financial Restructuring

Garuda Indonesia has wrapped up its financial restructuring with creditors, where the last group which are the ECA (European Export Credit Agency) and the Commercial Lenders was signed for the remainder debt of US$ 277 million.

The signing was done by EVP Finance Garuda Indonesia, Elisa Lumbantoruan and David Brackenridge from Lloyds TSB on behalf of the Lenders, witnessed by the President and CEO of Garuda Indonesia, Emirsyah Satar and the Ambassador of the Republic of Indonesia for UK, HE Yuri Thamrin.

Since 2005, Garuda's total debt has decreased significantly from US$ 868 million to US$ 464 million on November 2010, due to a combination of payment, debt buy back and equity conversion.

The last part of US$ 464 million, was signed on Friday in an amount of US$ 277 million and restructured until 2016. The debt was used to fund the 6 a/c Airbus A330-300 in 1996.

President and CEO Garuda Indonesia, Emirsyah Satar says that the wrap up of the financial restructuring is an important milestone for Garuda, which will speed up the development of Garuda, especially with the plan for IPO in the near future.

New Garuda Indonesia Boeing 737-800 NG @ Singapore Airshow 2010

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