Garuda, Creditors Request Extension to Debt Proceeding (1)

Distressed airline Garuda Indonesia has requested a 60-day extension to the ongoing debt proceeding at the Central Jakarta Commercial Court, according to an administrator.

• The airline’s creditors have requested similar extension as well, ranging from 45 days to 60 days, said Jandri Siadari, a court-appointed administrator, after a creditors’ meeting on Wednesday
• Extension to allow more time for parties to complete claims verification process
• None of the creditors have been verified
• Only 148 of the 501 creditors that submitted claims have completed the pre-verification process as Covid and border restrictions hamper the progress
• Around 70% of the total claims submitted ...