JAKARTA - PT Garuda Indonesia Tbk, recorded a debt reduction of 81 percent of the total debt with the restructuring. With this reduction, the state-owned airline only needs to pay off the remaining 19 percent of the debt with the scheme agreed upon by the creditors.
Deputy Minister of State-Owned Enterprises Kartika Wirjoatmodjo explained that the decline was 81 in terms of percentage. Meanwhile, in terms of value, he said, the decline was only about 50 percent of the total debt before the restructuring.
"If we use the nominal value, it will decrease by 50 percent, so there are really two. For example, we extend the debt from Himbara or the bank, so the debt is very long but the percent value is lower, and both of them are seen in terms of the 81 percent decrease in value. , if the nominal is 50 percent," he said in a virtual press conference, Tuesday, June 28.
Tiko as Kartika is familiar with, explained that Garuda Indonesia's debt before the restructuring amounted to 10.1 billion US dollars. Meanwhile, after the restructuring, Garuda Indonesia's debt value remains at US$ 5.1 billion.
Furthermore, Tiko said that of the various airlines in the world, in the restructuring process, there is no airline with this big debt cut.
"We want Garuda's equity to be even more positive. I want to emphasize that the bankruptcy process at other airlines rarely has debt cuts this big," he said.
On this occasion, Tiko also said that his party was also negotiating the leasing rate or aircraft rental prices. Tiko ensured that his party was able to optimize or reduce the rental price of the aircraft used in the future.
"So we understand that in the past, Garuda's main problem was the large number of aircraft and the aircraft rental or leasing rate was too expensive, so that for many years Garuda had difficulty obtaining profitability, because the aircraft were too many and too expensive, including one of the legal problems that occurred yesterday. announced about ATR and CJR," he said.
Tiko said that negotiating a leasing rate according to market standards is important in this restructuring step. There are five planes whose rental fees have been negotiated by the airline. In detail, the Airbus A330-300 experienced a 65 percent decrease in rental costs from US$1,100 to US$388 per month.
Then, the Airbus A330-200 experienced a 70 percent decrease in rental costs from US$882 to US$265 per month.
Then, the Boeing B777-300 aircraft experienced a 69 percent decrease in rental costs from the original 1,570 US dollars to 484 US dollars per month.
Meanwhile, for lean-bodied aircraft, there was a decrease that was not too large when compared to the value of the decrease in aircraft made of large material. For example, the Boeing B737-800 decreased by 35 percent from the original 330 US dollars to 215 US dollars per month. Then, the Airbus A320-200 experienced a 35 percent decline from the original US$330 to US$214 per month.
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