The Wings of Garuda After PKPU Decision
BUMNINC.COM I The good news came from the results of the Garuda PKPU trial. The majority of creditors of PT Garuda Indonesia Tbk. (GIAA) received and approved the proposal for ratification of the peace in the process of Postponing Debt Payment Obligations (PKPU). This momentum is considered to be able to extend the breath of the state-owned company.
Optimism over this deal was predictable due to several factors. It can be seen from the operational performance where the GIAA load factor continues to increase, both from regular and captive consumers such as hajj transportation.
From the creditor’s point of view, the situation will be difficult if they impose their will. Because if there is a deadlock so that voting for example decides to go bankrupt, then the value of the creditor’s bill cannot be optimally returned. The reason is that Garuda’s assets are relatively limited compared to its liabilities.
Likewise, government support in these negotiations plays a crucial role. The PMN commitment of IDR 7 trillion and other support that has been given can change the perception of creditors. This is like what happened in Malaysian Airlines in an agreement with creditors in 2021 because of government support for backing up the restructuring process.