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Debt Clipped, Garuda Flies Again

Monday, 11 July 2022

Garuda Indonesia is waiting for state capital injection and new investors after escaping a bankruptcy lawsuit. They convert debts to stocks, removing inefficient flight routes, and reducing fleets.

Garuda Indonesia aircraft at Terminal 3, Soekarno-Hatta Airport, Tangerang, Banten, November 2019. TEMPO/Tony Hartawan. tempo : 166454044260

STATE-OWNED Enterprises (SOEs) Minister Erick Thohir’s post on Instagram on Friday, July 1, revealed the government’s latest effort to save Garuda Indonesia. Erick uploaded a photo of his meeting with Mohammed Ali Al Shorafa, Chairman of United Arab Emirates’ airline, Etihad. “No goodwill ends in vain. Our efforts to restructure Garuda Indonesia have received tremendous appreciation from several parties, including Etihad,&

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