Danantara’s Lifeline for Garuda Indonesia and Whoosh
Indonesia’s sovereign wealth fund Danantara is currently preparing to rescue PT Garuda Indonesia (Persero) Tbk. (GIAA) and PT Kereta Cepat Indonesia China.
(Bisnis.Com) 01/01/70 07:00 15093
Bisnis.com, JAKARTA— Indonesia’s sovereign wealth fund Danantara is currently preparing to rescue two debt-ridden companies under its wing, flag carrier PT Garuda Indonesia (Persero) Tbk. (GIAA) and the operator of the Jakarta-Bandung high-speed rail (Whoosh), PT Kereta Cepat Indonesia China (KCIC).
Earlier in June, Danantara extended a US$405 million loan (approximately IDR6.65 trillion) to Garuda to be converted into equity. Additionally, Garuda will also hold a private placement wherein Danantara will inject US$1.44 billion (IDR23.67 trillion). In total, Danantara has committed up to US$1.85 billion (IDR30.32 trillion) for Garuda.
#danantara-rescue #garuda-indonesia #whoosh-high-speed-rail #danantara-loan #garuda-private-placement #rights-issue-garuda #kcic-loan-renegotiation #china-development-bank #whoosh-returns #garuda-restr