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Garuda Indonesia hands in restructuring plan to creditors

Flagship airline calls submission 'first step' in becoming profitable

State-owned Garuda Indonesia is struggling to reduce its debt load. (Photo by Rie Ishii) 

JAKARTA -- Garuda Indonesia has submitted a restructuring proposal to its creditors and lessors, as the beleaguered airline tries to stay afloat in the face of mounting debts.

Indonesia's flagship carrier announced Tuesday evening that it submitted the proposal "through a digital data room" to make it easier for creditors and lessors to provide feedback. The move "is part of Garuda's commitment to upholding the principles of transparency and fairness, to create constructive communication with all creditors," Irfan Setiaputra, the airline's CEO, said in a statement. 

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