Garuda Turns to Share Sale as Fuel Eats Into $1.4 Billion Rescue
Flag carrier PT Garuda Indonesia’s finances deteriorated further just months after a $1.4 billion rescue by sovereign wealth fund Danantara, as surging fuel costs wiped out its remaining equity and...
By Harry Suhartono and Norman Harsono · Bloomberg Markets
Flag carrier PT Garuda Indonesia’s finances deteriorated further just months after a $1.4 billion rescue by sovereign wealth fund Danantara, as surging fuel costs wiped out its remaining equity and added urgency to another share sale to shore up its finances.