PT Garuda Indonesia needs at least US$1 billion of additional funds to cut debt and stay afloat, as the government says it could give up its majority control of the troubled flag carrier, Bloomberg reports. Garuda is currently in talks with creditors to restructure US$6.3 billion worth of debt and expects to reach an agreement in the second quarter of 2022, according to Kartika Wirjoatmodjo, a Deputy Minister at Indonesia’s State-Owned Enterprises Ministry. The … [Read more...] about Cash-stripped Garuda Indonesia needs US$1b to stay flying
Parent company weighs minor stake sale in MASkargo
Malaysia Aviation Group Bhd is weighing the sale of a minor stake in its air cargo unit to a strategic partner, according to people familiar with the matter. The parent of Malaysia Airlines Bhd. has invited banks to submit proposals as it seeks ways to expand the business, the people said, asking not to be identified because the information is private. A deal could value the unit, known as MASkargo, at more than $1 billion, the people said. Malaysia Aviation Group may also seek as much as … [Read more...] about Parent company weighs minor stake sale in MASkargo
