Garuda nears debt renegotiation agreement; prepares for Sep-2010 IPO
Garuda Indonesia stated the carrier may complete more than three years of creditor talks this month with a debt reorganisation agreement that will enable the carrier to conduct an IPO (Bloomberg, 01-Jul-2010). Under the agreement, the airline plans to extend the maturities on some outstanding liabilities to 2016, although no further details were provided. The carrier is reorganising its debt ahead of its USD300 million IPO, planned for Sep-2010.
Garuda: “Garuda is preparing the final documentation of its debt restructuring with European credit agencies and it’s expected the final agreement will be very soon,” spokesman. Source: Bloomberg, 01-Jul-2010.