Indonesia‘s state airline Garuda Indonesia has offered to replace its liabilities to lessors and Islamic bondholders with new bonds and equity worth $1.13 billion, it told creditors in a meeting overseen by a Jakarta court on Thursday.
Garuda proposed that lessors, vendors and other creditors take a large cut and replace the remaining amount with $800 million worth of new bonds and $330 million worth of shares, a company presentation at the court showed.
