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    GIAA   ID1000118300

PT. GARUDA INDONESIA (PERSERO) TBK

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PT Garuda Indonesia Persero Tbk : Cargo firm takes airline Garuda Indonesia to court seeking debt settlement

07/19/2021 | 05:07am EDT

JAKARTA, July 19 (Reuters) - Flag carrier Garuda Indonesia (GIAA.JK) has been brought to court after failing to pay a debt to an air cargo firm PT My Indo Airlines (MYIA), the two companies said on Monday.

The court proposal had no immediate impact to Garuda's operations, the company said in the statement, adding it will ensure flight services continue.

The first court appearance is set for July 27.

"We are currently studying the PKPU proposal submitted by MYIA together with consultant appointed by the company to provide further response to the proposal," Garuda chief executive Irfan Setiaputra said in a statement, without providing details on the debt amount.

PKPU is an Indonesian court proceeding that could be initiated by either debtor or creditor seeking debt settlement.

The Indonesia Stock Exchange has suspended trading of Garuda's shares since June 18 after the airline defaulted on its $500 million sukuk a day earlier.

Garuda has said it was considering settling its outstanding debt in court as its finances continue to be significantly impacted by the coronavirus pandemic.

A legal representative of MYIA confirmed the suit but declined to share further details.

The airline reported around a loss of about $2 billion in 2020, with its short-term liabilities at $3.4 billion. (Reporting by Bernadette Christina; Editing by Fransiska Nangoy, Martin Petty)


ę Reuters 2021
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Financials
Sales 2020 1 492 M - -
Net income 2020 -2 443 M - -
Net Debt 2020 7 565 M - -
P/E ratio 2020 -4 260x
Yield 2020 -
Capitalization 402 M 408 M -
EV / Sales 2019 0,54x
EV / Sales 2020 5,56x
Nbr of Employees 14 715
Free-Float 7,60%
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Irfan Setiaputra President & Chief Executive Officer
Prasetio Director-Finance & Risk Management
Timur Sukirno President Commissioner
Ade R. Susardi Director-Service, Business Development & IT
Rahmat Hanafi Director-Technical & Maintenance
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