Garuda Submits Proposal to Seek Three Year Maturity Extension for Its USD 500 Million Sukuk

Indonesia's national flag carrier, Garuda Indonesia (Garuda), has filed an application to stretch the payment of its Global Sukuk of USD 500 million by a minimum of three years. According to the IslamicMarkets Sukuk Monitor, the Sukuk is due to mature on the 3rd of June 2020.

According to the Chief Executive Officer (CEO) of Garuda, Irfan Setiaputra, the proposal has been submitted to Indonesia's Financial Services Authority, and the company will seek bondholders' approval during the general meeting scheduled to be held on the 10th of June 2020, at the end of the grace period.

Setiaputra also highlighted the impact of COVID-19 on state-owned institutions, and stated that the extensi...