Indonesia’s state flag-carrier Garuda Indonesia is seeking $936 million from a rights issue that will be held after it completes its court-led debt restructuring, according to local media.
The rights issue will be done in two stages. The first will be held in September at USD 527 million to accommodate the recently approved 7.5 trillion rupiah state-capital injection and the second near the end of 2022 at $409 million for “strategic investors”, business news website Kumparan reported citing a report from a parliamentary taskforce overseeing Garuda’s restructuring.
The debt restructuring process is expected to be completed by May 20.
(1$ = 14,433.4)
Source: Reuters