JAKARTA -Flag carrier Garuda Indonesia, which last week defaulted on a US$500 million sukuk, is considering a court supervised debt restructuring process and is in talks to slash its fleet size, company executives said on Monday.
However, he noted that while bringing the matter to a commercial court could bring about a quicker agreement with creditors, there is a risk of not reaching a solution and the court could declare Garuda bankrupt. The pandemic has forced the airline to shut some flights, with average passenger numbers per flight also down significantly. These included unprofitable routes such as Jakarta-Osaka, and will include flights to Melbourne and Perth next month, Irfan said. The company is also reviewing an Amsterdam flight.The airline currently only flies 41 planes of the 142 in its fleet, Dony Oskaria, the firm's deputy chief executive officer, told the same hearing.
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