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Garuda warned of stock exchange delisting
Indonesia’s stock exchange says it may delist cash-strapped flag carrier Garuda Indonesia. The airline’s shares have been suspended for more than six months.
Garuda is currently in a legally sanctioned debt restructuring to service an estimated $9.8 billion debt.
Chief executive Irfan Setiaputra said it will soon present restructuring options to creditors to renegotiate the debt. The airline had a $1.6 billion unaudited loss in the first nine months of 2021.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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