Indonesia is finalising a US$1 billion (S$1.4 billion) financial bailout plan for its flag carrier to help it stave off a debt default due to COVID 19 forcing it to ground most of its planes. The rescue plan includes a proposal to restructure PT Garuda Indonesia’s US$500 million sukuk due next month and arrange new bridge loans of as much as US$500 million to meet working capital requirements for three to six months, Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo said. Garuda will table the sukuk proposal to investors on May 18 that will include an option to extend the maturity

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