Milbank LLP has advised leading global aircraft lessors on Garuda Indonesia’s US$10 billion debt restructuring. The restructuring was implemented under the Indonesian PKPU process, which recently won creditors’ approval and Indonesian court confirmation on 27 June 2022. Garuda Indonesia (“Garuda”) is the national carrier for Indonesia and this will be one of the largest court-assisted airline restructurings in Asian aviation.
“After over six months of discussions with the Garuda team, we are delighted that an important milestone in the rehabilitation of this iconic national carrier, which serves one of the largest economies in Southeast Asia, has been reached. We look forward to a successful implementation of Garuda’s composition plan over the coming months.” said Asia Transportation and Space partner Paul Ng.
The Milbank team was led by Mr. Ng working together with London Financial Restructuring partner Nick Angel and Litigation & Arbitration partner Tom Canning, with support from associates Hui Ling Teo and Matthew Fonti.
