Jakarta, CNBC Indonesia – The management of PT Garuda Indonesia Tbk (GIAA) is preparing a reconciliation proposal for creditors and lessors in the process of Postponing Debt Payment Obligations (PKPU). Options for settlement of this debt have also been prepared, ranging from bonds to issuance of new shares.
In the presentation material delivered by the company, the debt securities option referred to is the issuance of bonds with a no-coupon scheme zero coupon bond and other debt securities.
“Currently Garuda together with the management are preparing a peace proposal to creditors/lessors, in which the mechanism options being discussed include the issuance of zero coupon bond, debentures (notes), as well as the issuance of new shares which in its implementation will be subject to applicable regulations, including but not limited to capital market regulations,” the statement said, Thursday (16/12/2021).
He explained that the total debt borne by Garuda currently reaches US$ 9.8 billion or around Rp. 140.14 trillion (assuming an exchange rate of Rp. 14,300/US$) with a total of more than 800 creditors.
The PKPU process is considered to make it easier for companies to negotiate with lessors because of the large number of them.
According to the schedule, the first meeting with creditors will be held on December 21, 2021. The submission of creditors’ claims is scheduled to be completed on January 5, 2021 and verification will be carried out on January 19, 2021.
Voting on the proposal as well as discussion of the peace plan will be carried out on January 20, 2021 and the judge’s decision on the PKPU is targeted to be carried out on January 21, 2021.
In the midst of this high debt condition, the company is also still experiencing negative equity problems of US$ 3 billion or almost Rp 43 trillion.
Meanwhile, the company’s revenue fell by 70% which caused the operating margin to become negative 70% from conditions before Covid-19. This causes liquidity problems and the company’s solvency is also disrupted.
To note, the Central Jakarta District Court granted PT Mitra Buana Koorporindo (MBK) a request for a temporary suspension of debt payment obligations (PKPU) against Garuda Indonesia. This decision was conveyed in a trial held on Thursday (9/12/2021).
The PKPU lawsuit was submitted for the company’s debt of Rp 4.16 billion. The debt is a business obligation related to cooperation in the procurement of rental services and services managed service end user computing domestic.
MBK is the party appointed to carry out the provision of equipment, deployment, and manage service on the EUC Dom device under the Agreement.
This lawsuit was filed on Friday (22/10/2021) with item number 425/Pdt.Sus-PKPU/2021/PN Niaga Jkt.Pst.
(my / hps)
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