Garuda Indonesia wins creditors' approval for US$9bil restructuring

More than 95% of creditors who attended Friday's vote on the plan at a Jakarta court accepted Garuda's proposal, enough to reach agreement for all who submitted claims, a team of court-appointed administrators said. About 142 trillion rupiah ($9.58 billion) in claims against Garuda would be settled by the agreement, which is set to be ratified by a judge on Monday.

JAKARTA: Garuda Indonesia's proposal for restructuring its more than U$9 billion debt won the approval on Friday from the vast majority of the airline's creditors, court officials said, staving off the risk of bankruptcy at the embattled flag carrier.

More than 95% of creditors who attended Friday's vote on the plan at a Jakarta court accepted Garuda's proposal, enough to reach agreement for all who submitted claims, a team of court-appointed administrators said.