IKRA represented several international aircraft and engine lessors in PT Sriwijaya Air’s US$488 million debt restructuring (PKPU) proceeding. The proceeding involved a multi-range of creditors (e.g. individuals, private companies, state-owned public companies, foreign companies, etc.) and types of claims.
This PKPU case accommodated the debt restructuring of around ninety (90) Sriwijaya’s creditors, and the process took around nine months. The composition plan for the restructuring was approved by the majority creditors of the airline on 12 July 2023, and subsequently ratified by the Commercial Court of Jakarta on 20 July 2023.