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Indonesia – Is Garuda Indonesia on the brink of bankruptcy? (James Guild, East Asia Forum)

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 a number of potential resolutions including injections of state capital, privatisation or bankruptcy proceedings while the company restructures some of its debt.

Is Garuda Indonesia on the brink of bankruptcy? | East Asia Forum