Guggenheim Securities-Led Deal Named Mega Company Turnaround/Transaction of the Year

The Turnaround Management Association (TMA) selected the Garuda Indonesia restructuring, led by Guggenheim Securities and its co-advisors, for Mega Company Turnaround/Transaction of the year as part of the 2023 Turnaround and Transaction of the Year Awards.

NEW YORK – The Turnaround Management Association (TMA), the nonprofit focused on corporate renewal and restructuring, selected the Garuda Indonesia restructuring, led by Guggenheim Securities and its co-advisors, for Mega Company Turnaround/Transaction of the year as part of the 2023 Turnaround and Transaction of the Year Awards.

Guggenheim Securities served as financial advisor to PT Garuda Indonesia (Persero) Tbk, Indonesia’s flag air carrier, on its successful Indonesian insolvency proceedings (known in Indonesia as a Penundaan Kewajiban Pembayaran Utang or “PKPU”) and out-of-court restructuring , which resulted in the restructuring of over $13 billion of funded debt, lease and other indebtedness as well as the injection of IDR 7.5 trillion (approximately $500 million) of new equity capital, completed in December 2022.

The annual awards program recognizes the most successful turnarounds and impactful transactions industrywide, and the Firm’s selection reflects the strength of our client franchise and excellence of our capital structure advisory capabilities.

"The accolades bestowed upon these outstanding individuals, chosen through an exacting process by the esteemed panel of experts who make up the TMA Awards Committee, underscore their profound impact on the world of commerce," TMA CEO Scott Stuart said in a statement.

TMA comprises professionals who include turnaround specialists, attorneys, accountants, advisors, liquidators, consultants, as well as academics, government employees, and members of the judiciary.

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Guggenheim Securities
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