“The pandemic has worsened Garuda Indonesia’s financial condition with an additional debt of US$100 million to US$150 million or Rp1.5 trillion to Rp2 trillion per month,” he said.
The former president director of Bank Mandiri further detailed that Garuda Indonesia has US$6.93 billion (Rp99 trillion) in current assets and US$9.76 billion (Rp140 trillion) in liabilities. Of the total liabilities, debt incurred from aircraft leases amounted to US$9 billion (Rp128 trillion).
“If you look at the balance sheet, Garuda Indonesia’s negative equity now exceeds that of PT Asuransi Jiwasraya,” he said. (rr)