PT Garuda Indonesia (Persero) managed to escape the threat of bankruptcy, after the Central Jakarta District Court approved the peace proposal in the process of delaying the payment of the company’s debt obligations (PKPU).

At the voting stage on Friday (17/6/2022), 347 of the 365 creditors or 95.07 percent approved the amicable proposal submitted by the company. The PKPU option was taken because the debt and losses suffered by the state-owned airline were getting bigger. The total debt of Garuda Indonesia which was recorded and acknowledged by the PKPU Management Team reached Rp. 142 trillion.

The burden of debt is not a new thing for Garuda Indonesia. This state-owned airline company has been through various debt cases from time to time, until it is covered by a number of controversies.

Erick Thohir, who had just served as Minister of State-Owned Enterprises at the time, immediately intervened, and claimed that the case was carried out systematically by the ranks of employees to the top leadership. After the case, the name Garuda Indonesia was increasingly being compared with the news that the debt had piled up. This situation moved Chairul Tanjung, who is also the company’s vice president commissioner.

CT Group through PT Trans Airways will add capital to PT Garuda Indonesia Tbk (GIAA). Currently, the ownership of the company owned by entrepreneur Chairul Tanjung in Garuda is 28.26 percent.

Chairul Tanjung as CEO of CT Corp assessed that the additional capital would be carried out after the debt restructuring process for Garuda Indonesia was completed. “When the restructuring process is complete, later we plan to add more capital to strengthen capital. Later, the plan is to increase the capital, we will also cooperate with strategic investors,” he said.