Garuda Indonesia's Grandson Is 'closed In Age', His Debt Is Taken Over By GMF Aero Asia

Illustration. (Photo: Doc. GMF Aero Asia)

JAKARTA - PT GMF Aero Asia Tbk (GMFI) closed the operations of their subsidiary, namely PT Garuda Energi Logistik Komersial (GELK) as a financial efficiency measure for the Garuda Indonesia Group. Just so you know, the liquidation was carried out on June 17, 2020.

PT GMF Aero Asia Tbk (GMFI) itself is a subsidiary of the state-owned airline, PT Garuda Indonesia (Persero) Tbk (GIAA). Garuda Energi Commercial Logistics means the grandson of Garuda Indonesia.

"GMFI said that the closure was based on SOE Ministerial Decree (Kepmen) SK-315/MBU/12/2019 concerning Structuring Subsidiaries or Joint Ventures within SOEs," wrote GMFI management, in an explanation on the Indonesia Stock Exchange (IDX) information disclosure page. quoted Tuesday 31 August.

Meanwhile, GMFI took a portion of GELK's debt of approximately 60 percent, according to the results of GELK's negotiations with creditors. Negotiations between GELK and creditors are still ongoing.

GMFI further explained that the process of transferring obligations and payment of GELK's debt to business partners/creditors will be stated in the form of a three-party agreement (Novation Agreement) which will be mutually agreed upon.

"Meanwhile, debts that are not taken over by the parent company will be handled by GELK in a separate agreement. The risk of claims/refusals from creditors whose debts are not taken over by the company is mitigated through an agreement between creditors and GELK," added GMFI management.