Garuda Indonesia Eyes Capital Raising After Securing $22 Million Top Up

印尼鹰航在获得2200万美元充值后寻求融资

Hot on the heels of Indonesian lawmakers approving a US$522 million bailout for struggling national carrier Garuda Indonesia, the airline is also eyeing raising more cash by selling shares and wants to invite "strategic investors" to take a stake. It is the latest instalment in the long-running saga that is the Garuda Indonesia restructuring.

印尼国会刚刚批准了对苦苦挣扎的国有航空公司印尼鹰航(Garuda Indonesia)的5.22亿美元救助计划，该航空公司还在考虑通过出售股票筹集更多现金，并希望邀请“战略投资者”入股。这是印尼鹰航(Garuda Indonesia)重组这一长篇传奇故事的最新一章。

Garuda's convoluted restructuring crawls along

印尼鹰航错综复杂的重组计划仍在缓慢推进

Indonesia's flag carrier is partway through a court-supervised restructuring process to dodge bankruptcy. But it is fair to say this restructuring is more convoluted than most. By early January, nearly 500 creditors had lodged claims against the airline with its administrators, totalling US$13.8 billion.

这家印尼旗舰航空公司正在进行法庭监督下的重组程序，以避免破产。但公平地说，这次重组比大多数重组都要复杂。截至1月初，已有近500名债权人向该航空公司的管理层提出索赔，索赔总额达138亿美元。

That's a lot of money in anyone's book and certainly more than Garuda Indonesia can afford to pay. Key to the restructuring process is slashing the amount of debt payable and raising fresh capital to keep the airline in the air. But with so many interested parties, including the Indonesian Government (which owns a 50.3% stake), charting a course through the restructuring process isn't easy.

在任何人看来，这都是一大笔钱，肯定比印尼鹰航支付得起的价格高。重组过程的关键是大幅削减应付债务，并筹集新的资本以维持航空公司的运营。但由于包括印尼政府(拥有该公司50.3%的股份)在内的众多利益相关方，在重组过程中制定路线并不容易。

Creditor negotiations proceeding slowly

债权人谈判进展缓慢

Last week, the Indonesian Parliament approved the $522 million cash injection subject to Garuda Indonesia reaching a settlement with its creditors. A judge overseeing the restructuring process has set a May 20 deadline for this to happen. So far, administrators have "verified" claims from 312 creditors worth around $3.15 billion, while more than $10.4 billion in claims from 172 creditors (mostly lessors) remain unverified.

上周，印尼议会批准了5.22亿美元的注资，前提是印尼鹰航与债权人达成和解。一位负责监督重组过程的法官将重组的最后期限定为5月20日。到目前为止，管理人已经“核实”了312名债权人的索赔要求，价值约31.5亿美元，而172名债权人(主要是出租人)的104亿美元索赔要求仍未得到核实。

Technically, an Indonesian company must pass through the restructuring process, formally known as a suspension of debt payment obligation (PKPU) proceeding, within 270 days to avoid bankruptcy. The clock on those 270 days started ticking last December.

从技术上讲，印尼企业必须在270天内通过重组程序(正式名称为“暂停偿还债务(PKPU)程序”)，才能避免破产。这270天的时钟从去年12月开始滴答作响。

Garuda's administrators want to push the debt level down to about $3.8 billion, which will involve many creditors taking a haircut. If, by some miracle, the administrators manage to wrangle an agreement by May 20, creditors will vote to approve the agreement, the court will need to greenlight it, and the Indonesian Government (assuming it sticks to its word) will release the $522 million. Garuda Indonesia has said it will use that money to pay out-of-pocket employees and tax obligations.

鹰航的管理者希望将债务水平降至38亿美元左右，这将使许多债权人遭受损失。如果发生奇迹，破产管理人能在5月20日前达成协议，债权人将投票通过协议，法院将需要批准协议，印尼政府(假设它信守承诺)将发放5.22亿美元。印尼鹰航(Garuda Indonesia)表示，将用这笔钱支付自付员工工资和纳税义务。

Capital raising from strategic investors on the table

从战略投资者那里筹集资金被提上日程

Bloomberg is also reporting the airline's executives are considering a rights issue to raise an unspecified sum of money and asking high net worth private individuals to invest, potentially taking the Indonesian Government's stake in the airline to under 50%. Garuda's Finance Director, Prasetio (who goes by the one name), told a creditors meeting on Monday the airline wants to kickstart the rights issue after getting the financial top-up from the Indonesian Government.

彭博社(Bloomberg)还报道称，该航空公司的高管正在考虑配股，以筹集金额不详的资金，并邀请高净值私人投资者投资，这可能会使印尼政府在该航空公司的持股比例降至50%以下。鹰航的财务总监Prasetio在周一的债权人会议上表示，该公司希望在获得印尼政府的资金支持后，启动配股发行。

He says the airline wants to target local investors rather than international investors. Previously, Indonesian tycoon and Garuda's second-biggest shareholder, Chairul Tanjung, has indicated a willingness to increase his stake. But considering Garuda's event laden financial history (this is the airline's third restructuring in two decades), you'd need to have an appetite for risk before handing over a check to invest in Garuda Indonesia.

他表示，该航空公司希望瞄准本地投资者，而不是国际投资者。此前，印尼大亨、嘉鲁达航空第二大股东丹戎主席曾表示愿意增持股份。但考虑到嘉鲁达航空公司沉重的财务历史(这是该公司20年来的第三次重组)，在投资印尼嘉鲁达航空公司之前，你需要有风险偏好。

Meanwhile, Garuda Indonesia keeps on flying, albeit on a scaled-down basis. Part of the restructuring process will see the airline shrink. The fleet will downsize and simplify. Destinations are being permanently dropped, and the airline's footprint will be far smaller than it once was. The general consensus is a smaller, more regionally focused airline is the way forward. But first, Garuda Indonesia needs to get through the restructuring process.

与此同时，印尼鹰航(Garuda Indonesia)仍在运营，尽管规模有所缩小。在部分重组过程中，该航空公司将缩减规模。舰队将缩减规模，简化程序。目的地将被永久取消，航空公司的足迹将比以前小得多。人们普遍认为，规模更小、更专注于地区的航空公司是未来的方向。但首先，印尼鹰航需要完成重组过程。

Source: Bloomberg

资料来源:彭博社