Garuda reaches settlement on debt, IPO to be launched this year

Indonesia's Government stated Garuda Indonesia has reached a settlement agreement on its debt with the European Credit Agency (ECA), allowing it to proceed with plans to launch a USD400 million IPO this year (Reuters, 15-Jun-2010). The deal between the carrier and ECA is to be signed this month. The government stated the offering may be postponed to early next year if Garuda did not reach an agreement with the agency soon.