Obtaining the Approval of the Majority of Creditors, Aerofood ACS Optimizes Business Transformation Steps Through PKPU

Aerofood ACS has completed the voting process for Suspension of Debt Payment Obligations (“PKPU”) by obtaining the approval of the majority of Creditors on the agenda held at the Commercial Court at the Central Jakarta District Court (20/7). The approval of the peace plan proposed by Aerofood ACS was obtained through the support of 100 percent of the headcount and votes from the Separatist Creditors and the majority of the Concurrent Creditors which consisted of 94.75 percent of the headcount and 90.99 percent of the value of the invoice that had been recognized and verified by the Management Team and ratified in the Assembly Deliberative Meeting (26/7).

The support of the majority of creditors is an important milestone for Aerofood ACS ongoing efforts to continue accelerating its business transformation steps amidst the momentum for the recovery of the aviation and tourism industries. We also express our gratitude and appreciation to all Creditors, Management of the Garuda Indonesia Group Holding Company and all stakeholders, for their continued support in the PKPU process which lasted more than 3 months. It is important foundation for Aerofood ACS commitment to continue to maximize the ongoing transformation steps to become a resilient and competitive business entity based on solid operational performance.

We believe the support of the majority of creditors is a representation of optimism and confidence in Aerofood ACS business outlook going forward. This is gradually reflected through the operational performance of Aerofood ACS in Semester 1 (one) of 2022 which shows solid growth consistency through service traffic which has increased by 45% when compared to the last Semester 2 (two) 2021 period through 4 (four) business pillars namely, Inflight Services, Industrial Services, Laundry Services and Retail. In addition, the return to service of Hajj and Umrah flights, as well as the enactment of relaxation on public travel provisions during the pandemic have also contributed to a positive outlook for business performance in the future.