Garuda opens dialogue with sukuk holders as it struggles to pay dues

first_img“We offer three options and we have talked with our sukuk holders about how to deal with the situation. Hopefully, there will be a solution to this matter,” he told the press during a virtual briefing on Monday. Garuda Indonesia issued US$496.8 million in global sukuk on June 3, 2015, with a five-year tenure and an annual return of 5.95 percent, according to the company’s financial report released in September last year.However, the airline has struggled to maintain its cashflow with the number of flights nosediving due to the implementation of large scale social restrictions across the country and the imposition of travel bans by various countries to contain the spread of the SARS-CoV-2 virus.Garuda Indonesia recently sent a letter to its sukuk holders on the repayment. In the letter dated April 29, which was signed by Garuda finance director Fuad Rizal, the company admitted that the pandemic had created an extremely challenging business environment for the airline. “In response to this, the company has been taking measures to ensure the well-being of its staff and customers while managing liquidity proactively amid the uncertainty the airline industry currently faces. The company continues to assess all its options to remain a going concern, in particular in relation to its sukuk due in June 2020,” stated Garuda. Garuda Indonesia has also appointed PJT Partners to facilitate the discussion between the airline and bond holders to find a solution to the problem. Apart from the negotiations, Irfan revealed during a hearing with lawmakers on April 27 that Garuda was considering taking out bank loans to help the company repay the sukuk.Read also: Indonesian air carriers report sharp decline in cargo trafficThe COVID-19 crisis has dealt a severe blow to Garuda and airlines around the world with the aviation industry recording a sharp decline in passenger numbers and revenue since February.According to presentation materials made available to lawmakers, Garuda estimates it suffered a 31.9 percent decline in passenger and cargo revenue in the first quarter compared to the same period last year. The COVID-19 crisis has also forced Garuda to ground 100 of its 142 aircraft.Finance Minister Sri Mulyani Indrawati said on Monday that only 70 flights were scheduled daily across the entire the country, down from 79,000 daily flights before the virus outbreak.Topics : National flag carrier Garuda Indonesia is reaching out to the holders of its sukuk to hold a discussion on repayments due in June as the airline struggles to maintain cashflow amid the turbulence caused by the COVID-19 outbreak.Garuda president director Irfan Setiaputra said every time a sukuk due date was approaching, a company had three options to consider: repayment with a discount, full repayment or a payment extension.Read also: Garuda, ‘severely affected’ by COVID-19, may restructure bonds: Ministerlast_img read more

Read more

First baseman Saco traces softball roots to pool

first_img Published on April 14, 2010 at 12:00 pm Comments Swimming. That’s probably what sophomore Kelly Saco would be doing if she were not playing first base for the Syracuse softball team.‘Hands down,’ Saco said. ‘I learned how to swim before I learned how to walk.’ Kelly’s mother, Dacyl, swam for Syracuse and later went on to compete in approximately a half-dozen events as a 17-year-old in the 1976 Olympics for Venezuela. ‘You have to have the heart and the desire to be a swimmer. Otherwise, it’s not for you,’ Dacyl said. ‘You have to love the sport.’But growing up in the softball talent-rich suburbs of Miami, the younger Saco grew to love softball. The basepaths appealed more to her than the starting blocks. And now as a first baseman at SU, Saco is a part of a talented sophomore class that is leading the Orange in the 2010 season.AdvertisementThis is placeholder textThus far this season, Saco has started at first base in all 35 games for the Orange (19-16, 5-3 Big East). Saco and her Syracuse squad will travel to Ithaca, N.Y., Thursday afternoon to play Cornell in a doubleheader.The sophomore is coming off a season in 2009 where she hit .263 (26-for-99) and ranked fourth on the team with five home runs as primarily the team’s designated hitter. This season, Saco has been one-half of the right side of SU’s infield, which also returns fellow sophomore Stephanie Watts to second base.  But Saco can still trace her competitive nature to her grassroots in the pool. She started competitive swimming before the age of 10 and spent most middle school mornings and afternoons training. With high school on the horizon, Saco started to delve into both swimming and softball heavily. She began to tackle the modern-day challenge that is the two-sport athlete.  Kelly’s mother can attest to the long hours.‘A lot of her friends quit,’ Dacyl said. ‘Everybody wants to go to parties, to have fun, and to not worry about practice or where they will be that weekend.’In high school, as both a pitcher and first baseman, the younger Saco helped lead her Miami Palmetto team to a 2008 state championship. The endurance she garnered from hours in the pool translated to the mound. She was able to pitch additional innings. When the opposing pitcher was tired, Saco had something extra.‘If you are truly a swimmer, you can play any other sport,’ Saco said. ‘It is very competitive and it can help you from head to toe.’A lot of athletes turn to swimming to increase recovery time and to build strength. The minimum break for a swimmer might be just a single week out of the year. With a younger brother currently on a swimming scholarship at LSU, the Saco family is well adept to the physical advantages of the sport.Kelly’s goal as a child was to follow her mother’s path and make it to the Olympics. But when the IOC dropped softball from the 2012 Games, her plans shifted slightly. She then moved her focus to playing for a competitive softball team in college, and hasn’t looked back since.Saco will continue to fill the niche head coach Leigh Ross has slotted for her. No matter if it was in the pool or on first base, where she learned what it is to be an athlete. ‘She knew it, she understood it,’ Dacyl admits, ‘and she said, ‘OK, this is what I want. I want to play in college, and I want to be good at it.”[email protected]center_img Facebook Twitter Google+last_img read more

Read more