Indonesia's Garuda given debt restructuring extension

A Jakarta court has for the third time extended flag carrier Garuda Indonesia’s debt restructuring deadline by another month, a court-appointed curator for the case said on Friday. Garuda started the court-led restructuring process on Dec. 9, after a vendor petitioned the court over unpaid bills. It has repeatedly requested more time to negotiate restructuring terms and verify $13.8b of claims against it. The state-controlled airline has said the claims were bigger than the $9.8b it has in its books and that it would seek to cut its total liabilities to $3.7b under the process. Martin Patrick Nagel, one of the curators, in a text message to Reuters said the new deadline was June 20. It was unclear how many claims Garuda still has to verify and the carrier did not immediately respond to a request for comment. As of March 14, claims worth $9.72b were yet to be verified and another $885.5m was in dispute.<br/>