JAKARTA : Garuda Indonesia has halved its debt and achieved comparable cuts to aircraft leasing costs in negotiations that have set the airline up for profitability, the Indonesian government said on Tuesday.
In negotiations supervised by the court and in out-of-court settlements, Garuda had halved its debt to $5.1 billion from $10.1 billion, Kartika said. Some lessors had also agreed until December 2023 to vary lease payments according to the amount of time aircraft were used. The deputy minister reiterated Garuda's plan to focus on serving domestic routes and maintaining only profitable international services.
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