Indonesian court extends Garuda debt restructuring by two months

JAKARTA, March 21 (Reuters)A Jakarta court again extended the standard bearer Garuda Indonesia’s standard bearer GIAA.JK two-month debt restructuring process, a case official said Monday, as the company has yet to finish verifying more than $10 billion in claims.

This is the second extension granted to the state-controlled airline, which on January 21 was granted two additional months to complete the verification of claims under the debt restructuring process.

The company now has until May 20 to complete the overall debt restructuring process, said Martin Patrick Nagel, a court-appointed trustee for the case.

As of March 14, claims worth $9.72 billion by 229 creditors had yet to be verified and claims worth $885.5 million were disputed due to differences between the company airline and the plaintiffs’ books.

Garuda is seeking to reduce its debts from $9.8 billion to $3.7 billion in a court-supervised debt restructuring. Creditors have filed claims worth $13.8 billion against the troubled airline.

(Reporting by Stefanno Sulaiman; Editing by Kanupriya Kapoor)

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