The stablecoin cryptocurrency crash, explained

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Reuters

UPDATE 2-Garuda Indonesia wins creditors’ approval for $9 bln debt resettlement plan

Garuda Indonesia’s proposal for restructuring its more than $9 billion of debt won the approval on Friday from the vast majority of the airline’s creditors, officials said, staving off the risk of bankruptcy at the embattled flag carrier. More than 90% of creditors who attended Friday’s vote on the plan at a Jakarta court accepted Garuda’s proposal, enough to reach agreement for all who submitted claims, a team of administrators appointed by the court said. Garuda’s proposal was for aircraft manufacturers, lessors, maintenance vendors, and Islamic bond investors, which hold the biggest chunk of liabilities, to take a large debt “haircut”, or write-down, and to exchange the remaining amount with $825 million of 9-year bonds and $330 million equity.