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Garuda Pays its Bills

Increased Passenger Loads Allow Garuda to Keep Debts Current.

(1/5/2004) Garuda Indonesia Airways carried 7,299,072 passengers system-wide in 2003, an increase of 4.9% as compared to total passenger uplifts just one year earlier. Improved loads in 2003 made it possible for Indonesia's National Carrier to pay its rescheduled debt amounting to US$ 66,9 million.

In 2003, Garuda carried 5,516,586 domestic passengers and 1,712,486 international passengers. The breakdown of international passengers carried equaled 823,103 Southeast Asian originating passengers, 126,218 Europeans, 261,868 South Koreans and Japanese, 209,126 Middle Eastern travelers, and 283,171 Australians and New Zealanders.

Loan Obligations Met

On December 22, 2003, Garuda paid US$ 44.2 million and Indonesian Rupiah 66.7 billion (approximately US$ 7.84 million) to JP Morgan. At the same time, the Airline paid US$ 2.4 million to the European Credit Agency (ECA). One week later on December 29, 2003. Garuda also paid US$ 2.5 million to EDC (Tranch A) and US$ 648,700 to EDC Tranch B.

December also saw Garuda pay Rp. 64.9 billion (approximately US$ 7.64 million) in convertible bonds due to a syndicate of local banks and Angakasa Pura I & II - the operators of Indonesia's main air terminals.

In accordance with the debt restructuring scenario formalized by the Airline, some US$ 110 million of in debt must be repaid each year for the next seven years.