Jakarta, CNN Indonesia —
Deputy Minister BUMN II Kartika Wirjoatmodjo revealed that PT Garuda Indonesia (Persero) Tbk is actually technically bankrupt (technically bankrupt) although not legally. Because, debt The company has reached US$ 9.75 billion or equivalent to Rp. 138.93 trillion (exchange rate of Rp. 14,250 per US dollar) to date.
“Actually, in conditions like this, the term banking has technically bankrupt, technically but legally not yet,” said Tiko, his nickname during a meeting with Commission VI of the DPR at the DPR/MPR Building, Tuesday (9/11).
Not only debt that has accumulated, the state-owned airline is also recorded to have an equity of minus US $ 2.8 billion or Rp. 114 trillion. In fact, according to him, this equity value is the worst in the ranks of SOEs.
Including, when compared to PT Asuransi Jiwasraya (Persero) which had tripped over a corruption case.
“In the past, the record was held by Jiwasraya, now it is held by Garuda,” he said.
Meanwhile, in terms of revenue, Garuda has enjoyed revenue reaching US$ 235 million or Rp. 3.34 trillion per month in 2019. However, since the COVID-19 pandemic broke out, its income has ‘parachuted’.
Currently, the company’s revenue is only in the range of US$70 million or Rp997.5 billion per month. In fact, the SOE had the lowest income of US$27 million or Rp.384.75 billion per month.
“This can be seen that there is always a downside risk to Garuda rather than the movement or application of PCR and so on and this will have a direct impact, the passengers who get on board will drop significantly. So I am often asked, what is Garuda’s performance going down because of corruption or covid, yes two -both, not one,” he explained.
Even so, Tiko ensured that the government had designed a restructuring strategy for Garuda’s financial and management performance. One of them is through negotiation with the lessor. The target is that debts can be negotiated and decreased from the range of US$9.75 billion to US$2.6 billion or equivalent to Rp37.05 trillion.
“The main key to restructuring Garuda is from creditors, this is important because without the approval of creditors it is impossible for shareholders to move. So Garuda’s fate is not only in the hands of shareholders but also creditors,” he concluded.
(uli / agt)
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