Garuda Indonesia expects to launch a UK scheme of arrangement as part of a restructuring in which it is looking to remove nearly 80 aircraft from its fleet and renegotiate or cancel orders for more than 90, Cirium understands.
To implement the restructuring of the groups aircraft lease arrangements and potentially its other debts, the company expects to launch a UK scheme of arrangement, states a slide, viewed by Cirium, from a 7 September townhall attended by lessors.
Garuda plans to return a significant number of its widebody aircraft, including types whose lease rates and values are already depressed.
The airline plans to remove all 10 Boeing 777-300ERs from its fleet, as well as all seven of its Airbus A330-200s.
It leases two o…