Garuda Indonesia, the country’s flagship airline, has finalised a debt restructuring plan with creditors in Europe, paving the way for an initial public offering. Elisa Lumbantoruan, Garuda’s finance director, and David Brackenridge, creditor representative from Lloyds Banking Group, completed the deal in London on Saturday. Plans to sell about 30% of the airline’s equity had been scheduled for the third quarter of this year but that was delayed pending a deal on debt restructuring. Talks on the restructuring have been taking place since 2005. In October 2009, the carrier restructured $76 million of debt owed to PT Pertamina, Indonesia’s state
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