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15-Sep-2009 10:38 AM

Bank Mandiri has agrees to convert some of Garuda Indonesia’s debt into shares

Indonesian Government announced Bank Mandiri has agreed to convert part of Garuda Indonesia’s debt into shares in the carrier (The Jakarta Post, 14-Sep-09). Garuda currently has USD100 million in debt in mandatory convertible bonds (MCB) with the bank. Bank Mandiri and Indonesia’s central bank are currently calculating how many shares will be handed over. Garuda stated not all of the loan will be converted into shares.

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