By James Guild

East Asia Forum-July 7

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, privatization or bankruptcy proceedings while the company restructures some of its debt.

Read more at: https://www.eastasiaforum.org/2021/07/07/is-garuda-indonesia-on-the-brink-of-bankruptcy/