Indonesian Govt Announces Plan To Save Garuda Indonesia Through Down-Sizing And Creditors Taking Haircut
Indonesia’s government is trying to save Garuda Indonesia by asking creditors – including aircraft lessors – to extinguish some debt or accept swapping debt for equity. Indonesia’s deputy minister for state-owned enterprises, Kartika Wirkoatmodjo, has unveiled the government’s plan which…
Another Creditor Sues Garuda Indonesia
Information technology (IT) company Mitra Buana Koorporindo (MBK) has filed a lawsuit against Indonesia’s debt-ridden flag carrier Garuda Indonesia, one day after the latter’s case with My Indo Airlines was dismissed in court. CNN Jakarta reports that MBK filed the case…
Indonesian Court Gives Garuda Indonesia Some Financial Respite
An Indonesian court today dismissed a case against Garuda Indonesia brought by creditor My Indo Airlines, providing some respite for the financially-troubled national carrier. The Central Jakarta Commercial Court today rejected the petition against Garuda, arguing it is difficult to…
Govt Says Garuda Indonesia Being Liquidated Is A Possibility
Debt-ridden flag carrier Garuda Indonesia could go bankrupt if restructuring agreements with creditors fail, leaving another state-owned carrier Pelita Air Service to fill the void. Deputy minister of state-owned enterprises, Kartika Wirjoatmodjo, tells local Indonesian media the weight and complexity…
ANALYSIS: Garuda Indonesia’s Year Of Living Dangerously
A move by Pelita Air Service – which is owned by Indonesia’s state-owned oil and gas company Pertamina – into scheduled passenger operations, could lead to a significant shake-up of Indonesia’s commercial aviation industry. The Indonesian passenger market is largely…
Nordic Aviation Capital Posts US$2.36 Billion Loss, Asks Creditors To Turn Debt Into Equity
Nordic Aviation Capital (NAC), the world’s largest lessor of regional aircraft, has reported a US$2.36 billion loss, due largely to a write down in the value of its aircraft assets, and it has outlined a plan to restructure its debt…
