We know that the past several years were tough for PT Garuda Indonesia (Persero) Tbk (GIAA), but perhaps the problems will be over soon. The flag carrier finally was able to catch some breath in 2022 after they managed to resolve the debt restructuring process (PKPU) with a peace agreement, although there was a small obstacle. Two of the company creditors, Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company attempted to apply for the cancellation of the peace agreement, which ultimately failed. At the same time, lawsuits filed against Garuda Indonesia in other countries also failed. Garuda Indonesia then decided to file a lawsuit against the two creditors, however, Greylag Goose refused to surrender. The two companies filed lawsuits in the beginning of 2023, still seeking for cancellation of the peace agreement. This week we learned that the attempt once again failed.To subscribe please click here
