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Garuda seeks debt reorganisation agreement within weeks: CEO

8-Jul-2010 10:08 AM

Garuda Indonesia CEO, Emirsyah Satar, stated the carrier may reach a debt reorganisation agreement with creditors within two weeks after more than three years of talks, with the agreement to enable the carrier to proceed with its USD300 million IPO plans by the end of Sep-2010 (Bloomberg, 07-Jul-2010). Mr Sata stated lawyers are finalising an agreement with European credit agencies, adding that the reorganisation “is a milestone in terms of preparing us for the IPO".