JAKARTA -- Indonesia's flagship carrier Garuda Indonesia has narrowly avoided defaulting on its $500 million Islamic bonds after agreeing with its creditors to extend the maturity of the debt.
The deal was agreed on Wednesday in a virtual meeting between the company and its bondholders. A statement from Garuda said that creditors holding $454 million, or 90.88% of the outstanding amount, voted in favor of the company proposal of a three-year extension.
