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COVID-19 has battered Indonesian flag carrier Garuda’s revenue and sent earnings plunging, causing trading of the airline’s shares to be halted recently after a bond default.
CEO Irfan Setiaputra claimed the airline’s total debt was Rp 70 trillion (US$4.9 billion). This led to a meeting with the Ministry of State-Owned Enterprises, which put forward several potential resolutions including injections of state capital, privatisation or bankruptcy proceedings while the company restructures some of its debt.
Irfan did not break down the Rp 70 trillion figure in detail, but Garuda’s most recent financial disclosure from September 2020 provides some clues.
Commentary: Is Garuda Indonesia on the brink of bankruptcy? channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.