Rabu, 17 November 2010

Garuda's Debts Fall to USD 447 Million

Workers conduct final checks on Garuda Airlines Airbus 330-200 in a Garuda maintenance facility in Cengkareng, on the outskirts of Jakarta, June 1, 2010. Garuda Indonesia will relaunch its routes to Europe following Europes move to lift its ban on Indonesian air carriers last year
JAKARTA, - Garuda Indonesia said on Monday its debts fell to US$447 million as per September 2010 from US$726 million as per June 2009 as a result of debt restructuring program.

"We managed to restructure our debts particularly those to the European Credit Agency (ECA)," Garuda Indonesia Information Technology Director Elisa Lumban Toruan said following a general meeting of Garuda shareholders at the State Enterprises Ministry here. Elisa said the debts consisted of US$300 million debts to the ECA and US$131 million floating rates notes (FRN) to creditors based in Singapore.

"The restructuring of debts to the ECA has been completed and is now ready for signing. The period of time for the debt repayments has been extended until seven years," he said.

He said Garuda had paid the debts to the ECA by installments since two years ago and bought back the floating rates notes from the Singapore creditors. The debt repayments were part of the company’s debt restructuring program, he said.

"Besides using the company’s cash to repay the debts, Garuda also has been negotiating with creditors on debt rescheduling," he said. The national flag carrier is expected to sell 30 percent of its shares through an initial public offering (IPO) in the first quarter of next year.

"The debt restructuring is one of the prerequisites for the IPO," he said.

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