JAKARTA, Dec 21 (Reuters) - Indonesia's stock exchange has warned it might delist national flag carrier Garuda Indonesia (GIAA.JK), whose shares have been suspended since June after it defaulted on a $500 million Islamic bond.
The bourse in a statement late Monday cited rules that it could remove a company's shares if it is experiencing legal or financial trouble that will impact its business continuity, or if its shares have been suspended for at least 24 months.
It did not explicitly say why Garuda was warned, but it noted in the statement that the airline's shares have been suspended for more than six months. read more
Register now for FREE unlimited access to Reuters.com
Garuda's chief executive Irfan Setiaputra said the company will respond to the bourse's warning in a statement later.
In a news conference on Monday, Irfan said Garuda has come up with debt restructuring proposals that it would present to lessors and creditors to renegotiate its $9.8 billion debt, including by offering zero coupon bonds, selling new notes or issuing new stocks.
The airline is undergoing a Jakarta court-led debt restructuring after an information technology company petitioned the court over unpaid liabilities.
Garuda booked a $1.66 billion loss in the first nine months of 2021, according to the company's unaudited financial statement.
Register now for FREE unlimited access to Reuters.com
Reporting by Bernadette Christina Munthe; Additional reporting by Fransiska Nangoy; Editing by Gayatri Suroyo and John Geddie
Our Standards: The Thomson Reuters Trust Principles.
"exchange" - Google News
December 21, 2021 at 04:32PM
https://ift.tt/3For2K8
Indonesia stock exchange warns it may delist airline Garuda - Reuters
"exchange" - Google News
https://ift.tt/3c55nbe
https://ift.tt/3b2gZKy
Exchange
Bagikan Berita Ini
0 Response to "Indonesia stock exchange warns it may delist airline Garuda - Reuters"
Post a Comment