Follow Up On The PKPU Homologation Decision, Garuda Indonesia Asks For Chapter 15 To The United States Court

JAKARTA - The national airline Garuda Indonesia has submitted a petition for Chapter 15 to the court in the United States (US). This step is an effort by the company so that US courts recognize the company's restructuring and can be implemented optimally in various international jurisdictions, especially the US.

The application was officially made on Friday, September 23, 2022. The Chapter 15 is a mechanism for the recognition of homologation decisions in the PKPU stages that have been passed in other countries and involves debtors, assets, creditors, and other parties from more than one country.

Chapter 15 also regulates cooperation between US courts and foreign courts as well as authorities in other countries involved in cross-border.

President Director of Garuda Indonesia Irfan Setiaputra said the application for Chapter 15 was a follow-up to the PKPU homologation decision that was determined by the Central Jakarta District Court last June.

"With hundreds of creditors including foreign creditors, we understand that various steps are needed to ensure a peace agreement as agreed by more than 95 percent of creditors through PKPU can be implemented properly," said Irfan in an official statement received by VOI, Monday, September 26.

Irfan said, the PKPU process carried out by Garuda together with all stakeholders for more than 6 months, was carried out by always prioritizing the precautionary principle.

"And ensure that the aspirations of all creditors can be allocated with the ability to fulfill the Company's business obligations," explained Irfan.

Therefore, said Irfan, through the application for Chapter 15, his party hopes to provide legal certainty for debtors and all creditors, especially creditors who are under the jurisdiction of the United States.

"This is also Garuda's ongoing commitment to trust and support that has been given by more than 95 percent of creditors in the PKPU process, for Garuda's efforts to provide a strong legal basis for fulfilling its business obligations to creditors," he said.

"This includes maximizing performance recovery measures to provide optimal value in business collaboration with all business partners," continued Irfan.