The logo of Garuda Indonesia is pictured on an Airbus A330 aircraft parked at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse, France, November 15, 2019. REUTERS/Regis Duvignau/File Photo
JAKARTA, June 21 (Reuters) – Flag carrier Garuda Indonesia (GIAA.JK), which last week defaulted on a $500 million sukuk, is considering a court supervised debt restructuring process and is in talks to slash its fleet size, company executives said on Monday.
A deputy minister of state-owned enterprises said earlier this month the state-controlled airline’s total debt is about $4.5 billion and it runs a $100 million negative cashflow a month due to high costs and low revenues during the coronavirus pandemic. read more
Garuda, whi…
Read the full article at: https://www.reuters.com/business/aerospace-defense/garuda-indonesia-weighs-court-led-debt-restructuring-shrink-fleet-2021-06-21/