Creditors vote on Garuda Indonesia's more than US$9bil debt settlement

A simple majority vote, provided it represents two-thirds of Garuda's liabilities held by creditors attending the meeting in a Jakarta court, will secure a binding agreement for all claimants, which include holders of the airline's US$500 million sukuk.- Reuters

JAKARTA, June 17 (Reuters): Garuda Indonesia's creditors including Britain's Rolls-Royce and European planemaker Airbus are voting on Friday on an over US$9 billion debt restructuring proposal, with the carrier confident of winning enough backing to move forward.

A simple majority vote, provided it represents two-thirds of Garuda's liabilities held by creditors attending the meeting in a Jakarta court, will secure a binding agreement for all claimants, which include holders of the airline's US$500 million sukuk.