PT Garuda Indonesia (Garuda) has submitted a restructuring proposal scheme to lessors and creditors as part of its ongoing optimization efforts to boost performance recovery.
Garuda Indonesia President Director Irfan Setiaputra said that this move marked the acceleration of the restructuring and recovery process for Garuda. "This proposal outlines Garuda's long-term business plans as well as a number of offers in managing our business obligations with lessors, creditors and key suppliers."
"Submission of this restructuring proposal scheme is the first step of the entire restructuring process and is an important momentum in our efforts to transform into a more adaptive, efficient, and profitable business entity," said Irfan.
The restructuring proposal scheme has been submitted through a digital data room that can be accessed in real time by all lessors, creditors, and other related parties who have signed the non-disclosure agreement. "This digital data room will make it easier for parties to review documents and provide feedback as it is part of Garuda's commitment to upholding the principles of transparency and fairness to create constructive communication with all creditors," said Irfan.
The proposal will also be aligned with the momentum for the submission of the Suspension of Debt Payment Obligation (PKPU) at the Jakarta Commercial Court by one of Garuda's business partners.
“The support of lessors and creditors is particularly important because Garuda wants to transform our operations and work culture that will make Garuda even more adaptive and resilient in responding to future industry challenges.”