Financial Round Up
Garuda seeks fresh capital
March 2nd 2015
Garuda Indonesia plans to raise $500 million in a global issuance of sukuk, or Islamic bonds, to refinance its maturing debt. Read More »
The airline’s chief financial officer, “Ari” Askhara Danadiputra, said the funds will be used to refinance the airline’s $350 million debt, with the extra $150 million to be spent on various general purposes, including capital expenditure for new aircraft. Ari said he believed Garuda can make a profit this year, aided by its “Quick Wins Program” rehabilitation plan. The flag carrier incurred an estimated $200 million net loss in 2014.
