Garuda Indonesia to seek 3-year maturity extension for US$500m sukuk

[JAKARTA] Airline PT Garuda Indonesia is preparing to propose a 3-year maturity extension to its US$500 million Islamic bonds that are coming due on June 3, the company said in a statement late on Tuesday.

Garuda said it has submitted the proposal to Indonesia's Financial Services Authority, as well to bondholders through the Indonesia and Singapore stock exchanges, and the company will seek holders' approval on June 10.

Garuda is struggling to repay its debt as the coronavirus outbreak disrupts air travels globally.

REUTERS