Bonds Issued By Garuda Increases To 25 Million US Dollars

JAKARTA - The President Director of PT Garuda Indonesia (Persero) Tbk, Irfan Setiaputra explained, there was a change in the nominal value of the debt securities in the process of restructuring Garuda's debt.

Irfan said, initially the nominal value of the bonds was US$800 million, to US$825 million. This amount is equivalent to Rp. 12.2 trillion.

The increase in the nominal value of the bonds by 25 million US dollars occurred after management negotiations with creditors were carried out before the vote on the postponement of debt payment obligations (PKPU).

Irfan explained that the issuance of debt securities was an important point in the settlement of Garuda Indonesia's debt.

This is because debt securities are a restructuring instrument for creditors with a claim value of more than Rp255 million.

"Bills are above IDR 255 million and sukuk holders will receive their bills on an average basis. In the form of debt with a total value of 825 million US dollars, there is an increase from the previous draft of 800 million US dollars," said Irfan in the PKPU session held at the Central Jakarta District Court, Friday. June 17th.

However, Irfan explained that the debt could be reduced because several companies have not participated in the PKPU process. One of them is the aircraft manufacturer Boeing.

Unfortunately, Irfan was reluctant to reveal the main reason Boeing's management did not participate in the PKPU of the issuer with the GIAA stock code.

"If Boeing does not participate in PKPU but has a large value, it doesn't file a bill within the specified timeframe or Rp. 10 trillion, then this will be reduced. So if Boeing does not file a bill, the figure of 825 million US dollars will be reduced proportionally to Boeing's bill," he said.

For your information, as reported by Garuda's PKPU page, Garuda Indonesia's debt set by the Management Team for Postponing Debt Payment Obligations (PKPU) is Rp. 142 trillion.

The details are Rp104.37 trillion for the Fixed Receivable List (DPT) for lessors, non-lessor DPT for Rp34.09 trillion, and preferred DPT for Rp3.95 trillion.

Garuda's total debt recorded an increase from the previous report, where as of the third quarter of 2021 the company's debt reached Rp139 trillion.

The number of creditors that have been verified by the PKPU Management Team has only reached 501 entities. This amount consists of 355 non-lessor entities, 123 lessor entities, and 23 preferred entities.