Garuda Indonesia Appeals for US Chapter 15 Bankruptcy

DALLAS – After undergoing a debt restructuring deal in Jakarta, Indonesian flag carrier Garuda Indonesia (GA) has requested that the United States Bankruptcy Court in New York court acknowledges the move under Chapter 15 of the US Bankruptcy Code.

Chapter 15 provides an effective system for handling foreign insolvency cases that is of financial interest to the US. It allows cooperation between the US courts and foreign nations. According to Garuda CEO Ifran Setiaputra, the airline appealed at the end of last week. He reiterated that this process does not indicate bankruptcy of the company.

Simply put, the purpose of the read more ⇒

Source:: “Airways Magazine”

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