KONTAN.CO.ID - JAKARTA. Flag carrier Garuda Indonesia said it could not distribute coupon payments for its $500 million sukuk after a 14-day grace period, with the airline's finances still significantly impacted by the coronavirus pandemic. "Under these circumstances, and in order to ensure the company emerges from the pandemic as a strong and healthy airline, the company announced today that it has reluctantly concluded that it must continue to defer the payment," the airline said in a statement. Garuda has appointed Guggenheim Securities LLC as a financial adviser to evaluate its strategy and improve its finances, the company said.
Airline Garuda Indonesia defaults on $500 mln sukuk
KONTAN.CO.ID - JAKARTA. Flag carrier Garuda Indonesia said it could not distribute coupon payments for its $500 million sukuk after a 14-day grace period, with the airline's finances still significantly impacted by the coronavirus pandemic. "Under these circumstances, and in order to ensure the company emerges from the pandemic as a strong and healthy airline, the company announced today that it has reluctantly concluded that it must continue to defer the payment," the airline said in a statement. Garuda has appointed Guggenheim Securities LLC as a financial adviser to evaluate its strategy and improve its finances, the company said.