Garuda Indonesia to reorganize debt after filing of Chapter 15 in US

JAKARTA, Indonesia: Irfan Setiaputra, CEO of Indonesian flag carrier Garuda Indonesia, has confirmed to Reuters that last week the airline asked a New York bankruptcy court to recognise its recent debt restructuring agreement in a Jakarta court, under Chapter 15 of the U.S. Bankruptcy Code.

If there is the presence of a U.S. financial interest in proceedings, Chapter 15 smooths the cooperation between U.S. and f