Garuda starts restructuring process, seeks more time to verify claims

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Garuda starts restructuring process, seeks more time to verify claims

A court-appointed curator for the case said that Garuda started the court-led restructuring process on December 9, after a vendor petitioned the court for the third time over the debt restructuring deadline. It has requested more time to negotiate restructuring terms and verify US $13.8 billion of claims against it.

The state-controlled airline said the claims were bigger than the US $9.8 billion it has in its books and that it would try to reduce its total liabilities to US $3.7 billion under the process.

It wasn't clear how many claims Garuda still have to verify and the carrier didn't respond to a request for comment. As of Mar 14, claims worth US $9.72 billion were yet to be verified, and another US $885.5 million was in dispute.