Jakarta, CNBC Indonesia – PT Garuda Indonesia (Persero) Tbk. announced the postponement of the payment of the global sukuk coupon from the grace period of 14 days ending on June 17, 2021. The postponement of the payment of the global sukuk coupon took into account the condition of the Company which was significantly affected by the Covid-19 pandemic.
The announcement was made by the Company through the Singapore Exchange Announcement and the Electronic Reporting System of the Indonesia Stock Exchange and the Financial Services Authority (OJK).
President Director of Garuda Indonesia Irfan Setiaputra said, “Garuda Indonesia’s decision to postpone the payment of global sukuk coupons is a tough step that cannot be avoided and must be taken by the Company in the midst of focusing on improving business performance and the challenges of the aviation industry due to the ongoing pandemic”.
“Therefore, we also express our appreciation for the continuous support given by the sukuk holders for the efforts that the Company is currently optimizing for the sustainability and future of Garuda Indonesia’s business in this challenging time,” said Irfan.
Furthermore, the Company has also appointed Guggenheim Securities, LLC as a financial advisor who will support the recovery of the Company’s business performance, in particular through various evaluations of strategies that will be taken to improve the Company’s fundamental performance together with other strategic partners such as PT Mandiri Sekuritas, Cleary Gottlieb Steen & Hamilton LLP and Assegaf Hamzah & Partners.
“The appointment of this financial advisor is also a manifestation of our seriousness in ensuring that Garuda Indonesia’s continuous steps in restoring the Company’s performance run optimally, especially supported by strategic partners who have sufficient competence and experience in supporting the Company’s efforts to get through this difficult time,” explained Irfan.
“In the midst of the uncertain business climate of the aviation industry, we believe the Company’s capability to improve business resilience supported by collaboration with strategic partners is an essential aspect in supporting Garuda Indonesia’s commitment to continue to act as Indonesia’s national flag carrier, by becoming a competitive, adaptive business entity. and healthy and able to answer business challenges that exist in the future”. close Irfan.
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