Garuda Indonesia defaults on sukuk

PT Garuda Indonesia has announced that although it continues to “work diligently” to support its ongoing airline operations and to manage its finances with all “due prudence, it must continue to defer payments due under its $500 million sukuk (due 2023). “Garuda greatly appreciates the continued support of its Sukuk holders during this challenging time,” said President and CEO of Garuda Indonesia, Irfan Setiaputra. “We are also honoured to announce that Garuda has added financial advisor Guggenheim Securities to its roster of advisors to assist us in addressing the ongoing challenges presented by the COVID-19 pandemic. We believe the team