Garuda Enters Court-Led Debt Restructuring
Troubled Indonesian carrier Garuda, which has been experiencing annual net losses since 2017 due to high costs, aggressive fleet expansion and corruption, and later due to the global pandemic, is entering a court-led debt restructuring process. Judges in the Central...
Garuda Said to Require $1bn to Stay Afloat
Indonesian carrier Garuda Indonesia needs at least $1bn in additional funding to reduce debt and stay afloat with the government open to giving up its majority control. According to Kartika Wirjoatmodjo, a deputy minister at Indonesia’s State-Owned Enterprises...
Garuda Misses Sukuk Payment after Grace Period
Distressed airlines PT Garuda Indonesia missed the payment on its $500mn 2023s Sukuk even after a 14-day grace period, which lapsed yesterday. The bonds of the state-owned carrier were originally due on June 3, 2021. The airlines in a filing with the Singapore stock...
