TEMPO.CO, Jakarta – The Ministry of State-Owned Enterprises (BUMN) confirmed the plan to prepare PT Pelita Air Service (PAS) as the national scheduled airline to replace PT. Garuda Indonesia Tbk. (GIAA).
“Right [Pelita Air dipersiapkan menjadi pengganti Garuda] because if recovery air passengers increase, will happen shortage seriously the number of aircraft in Indonesia. This is because so many aircraft are grounded by lessors,” said Deputy Minister of BUMN II Kartiko Wirjoatmodjo to Bisnis, Wednesday, October 20, 2021.
He explained that the plan had been prepared to anticipate if the restructuring and negotiations that were being carried out by Garuda did not go smoothly.
Tiko, as he is familiarly called, explained that the cash flow conditions and daily operations of the state-owned airline were very minimal. According to him, the flight schedule and frequency of the issuer codenamed GIAA highly depends on the policy of restricting people’s movement.
Thus, Garuda’s condition is even more vulnerable to cash flows that are getting thinner in terms of cash flows if there is a policy of tightening movement back in the future.
Previously, Tiko also explained that the progress of negotiations and restructuring of GIAA’s debt was carried out in full lender, lessor aircraft, to global sukuk holders. Negotiations on the debt moratorium and credit restructuring were carried out by three consultants appointed by the Ministry of State-Owned Enterprises.
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