Garuda Gets a Reprieve

After a long endeavor, Garuda Indonesia has succeeded in securing debt restructuring from its creditors. In principle, 70 foreign creditors associated in the European Credit Agency have agreed to restructure Garuda's debts to them, a total of US$610 million, by extending the repayment period to 2010. This is a relief to Garuda because, as Pujobroto, Garuda corporate communications head, said last week, "We have been