Indonesia's Garuda seeks another court extension to verify $10 bln claims

State-controlled carrier Garuda Indonesia has asked a Jakarta court for another extension to its deadline for its debt restructuring process, its CEO and a curator said, as it has yet to verify over $10b worth of claims. Garuda is seeking to slash liabilities totaling $9.8b to $3.7b under a court-led process, called PKPU, but creditors, plane lessors and vendors have submitted $13.8b of claims against the struggling flag-carrier. Garuda wants a 60-day extension time to verify the claims and finalise negotiations with all parties, CEO Irfan Setiaputra said. The court had previously granted a two-month extension for the PKPU on Jan. 21. Garuda made the request on Tuesday and judges will decide on March 21, one of the court-appointed curators for the process, Martin Patrick Nagel told Reuters, adding that some creditors had submitted a similar request. As of Monday there were claims worth $9.72b by 229 creditors yet to be verified, Nagel said. So far $3.26b of claims by 248 creditors have been cleared, with $885.5m disputed due to differences between the airline and claimants’ books, he said, without elaborating. Claims include $500m in Islamic bonds that Garuda defaulted on in June 2021.<br/>