Government drafts US$1bil rescue plan to save Garuda Indonesia
The rescue plan includes a proposal to restructure PT Garuda Indonesia’s US$500 million sukuk due next month and arrange new bridge loans of as much as US$500 million to meet working capital requirements for three to six months, Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo said on Monday .
The government help in tiding over the financial crunch should sooth investor concerns about Garuda’s ability to survive the pandemic that’s forced airlines worldwide to seek state bailouts and emergency funding. Garuda’s US$500 million notes due June 3 have tumbled to 42.492 cents on the dollar from 98.72 cents at the end of January as concerns mounted over the airline’s ability to repay the debt, according to Bloomberg-compiled prices.
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