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| Salah satu armada Garuda Indonesia. Foto: DAVID |
PT Garuda Indonesia Tbk (GIAA) has a debt of IDR 138 trillion that must be repaid. This debt comes from the claims of 365 creditors in the peace proposal for the postponement of debt payment obligations (PKPU).
Garuda Indonesia President Director Irfan Setiaputra said, in the voting , as many as 347 creditors or 95% approved the peace proposal from Garuda Indonesia. This amount represents a debt of Rp 122 trillion, while 18 creditors with a nominal value of Rp 16 trillion do not approve of the PKPU results.
"So, there are around Rp 16 trillion (18 creditors). Those who have debts and express their disagreement, with this result it can be stated that the peace proposal can be accepted by the majority of creditors," he said in Jakarta, Tuesday (28/6/2022).
He explained that his party was preparing various debt payment schemes which were grouped based on the creditor side.
First, the priority debt with the scheme will be repaid in stages through GIAA's operating cash flow, which includes taxes and employee rights.
Second, the receivables of PT Sarana Multi Infrastruktur (SMI) were repaid through Mandatory Convertible Bonds (OWK) worth IDR 1 trillion which would then be converted into equity.
Third, the financial lease from Export Development Canada (EDC) will be settled through the sale or transfer of the financing assets.
"If there is any remaining debt, it will be settled with a new equity scheme and new coupon debt ," he explained.
Fourth, the receivables from the Indonesian Export Financing Agency (LPEI), Himbara, and private banks will be converted into long term loans .
Fifth, BUMN receivables will be converted into long-term payables . Sixth, the Asset Backed Securities Collective Investment Contract (KIK-EBA) will be modified with a payment schedule. holders, lessors , sukuk maintenance overhaul and MRO repair ), and vendors whose invoice value is above Rp. 255 million, it will be settled with new equity, new coupon debt , new sukuk , or debt claims.
Eighth, debts from other vendors whose cash value is below Rp 255 million, will be settled in stages through GIAA's operating cash flows.
"Regarding this restructuring and the complexity that we carry out in the negotiation process which of course prioritizes good corporate and ensures that it can be implemented optimally, we would like to convey that there are also several restructurings that we are also negotiating adjustments to with the restructuring scheme," explained Irfan. .
According to him, going forward, the plane rental will apply power by hour, namely Garuda will only pay if the plane is flown. contract for the lease of narrow body 737 and 320 aircraft will be carried out until December 2022, while for wide-body aircraft it will be until June 30, 2023 and for the 777 aircraft it will be until December 2023.
, the rental costs for narrow-body on average managed to reduce lease rates by 31% and for wide-body was successfully reduced by 55%. Then, non-contact aircraft leases were converted from debt to equity. So that equity will be adjusted and can be provide a recovery that is in accordance with the needs in the new agreement, new debt securities," he said.
Then, for new debt securities, a debt restructuring scheme with a long tenor and low interest rate, while bank and vendor loans will be determined with a long tenor and lower interest rates for late payment compensation.
"LTL and LTP, bank loans and vendor bills with long tenors and low interest rates or late payment compensation," he said.
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