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More than 90% of creditors who attended Friday's vote on the
plan at a Jakarta court accepted Garuda's proposal, enough to
reach agreement for all who submitted claims, a team of
administrators appointed by the court said.
About 142 trillion rupiah ($9.58 billion) in claims against
Garuda would be settled by the agreement, which is set to be
ratified by a judge on Monday.
Garuda's proposal was for aircraft manufacturers, lessors,
maintenance vendors, and Islamic bond investors, which hold the
biggest chunk of liabilities, to take a large debt "haircut", or
write-down, and to exchange the remaining amount with $825
million of 9-year bonds and $330 million equity.
A financial adviser for Garuda said this scheme would
restructure around $5.5 billion to $6 billion of liabilities,
while the rest, including loans to banks and state firms, like
fuel provider Pertamina and airport operators, would be extended
without a cut.
"We are committed to fulfill all our liabilities that we have
conveyed in the proposal," a teary-eyed Garuda chief executive,
Irfan Setiaputra, told creditors at the court after thanking
them for their support.
Those who submitted claims to the court include Britain's
Rolls-Royce and European planemaker Airbus and investors of
Garuda's $500 million Islamic bonds.
($1 = 14,825.0000 rupiah)
(Reporting by Stefanno Sulaiman; Writing by Gayatri Suroyo;
Editing by Ed Davies, Martin Petty)
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