JAKARTA: The coronavirus outbreak couldn’t have come at a worse time for PT Garuda Indonesia, pummeling demand at the flag carrier just as it faces a debt bill for half-a-billion dollars.
Garuda slashed its international capacity by 30% as of Feb 17 compared with what it offered four weeks earlier, resulting in a 12% decline in its total seats being offered, according to data from OAG Aviation Worldwide. Garuda’s shares have dropped 44% this year after tumbling 38% in February alone, its biggest monthly retreat ever.
Garuda will likely end up restructuring its debt for the third time and if that happens, recovery on its bonds will “in all probability be very low and involve meaningful haircuts,” Deutsche Bank said in a credit note sent on March 3.
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