November 9, 2025 | 09:50 am
TEMPO.CO, Jakarta - Deputy Director of Garuda Indonesia Thomas Oentoro said that there are five contingencies in the notes on the company's financial report on June 30, 2025. All five contingencies are related to legal proceedings amidst a capital injection of Rp23.6 trillion from the Investment Management Agency of Daya Anagata Nusantara or Danantara.
Thomas said that Garuda Indonesia is facing lawsuits from Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company. These lawsuits are parked at the Singapore International Arbitration Centre (SIAC).
"Up to now, it is still in process at SIAC, and there has been no decision on this case," he said in a disclosure at the Indonesia Stock Exchange on Friday, November 7, 2025.
In addition to the arbitration lawsuit in Singapore, Thomas said that Garuda Indonesia is also facing a request for Suspension of Debt Payment Obligations through the US Chapter in the United States (US). Garuda Indonesia has withdrawn the Chapter 15 process in the PKPU Plan and has submitted a notice of Withdrawal on May 24, 2023 to the United States Bankruptcy Court, Southern District of New York. "Up to now, the case is still open in the Court," he said.
Aside from the United States, Thomas said that Garuda Indonesia is also facing a request for PKPU in France. Currently, the PKPU recognition process is still ongoing in the Paris Court. "There has been no decision from the Paris Court, and the company always coordinates with the related lawyers regarding the handling of this legal process," he said.
Thomas added that in February 2025, Garuda Indonesia also filed a cassation legal effort to the Supreme Court regarding the appeal decision against Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company. This cassation request is also still in process. "There has been no legally binding decision regarding this legal case," said Thomas.
Currently, according to Thomas, Garuda Indonesia is also facing a lawsuit from PT Royal Shafira Wisata against its subsidiary, PT Citilink Indonesia. This lawsuit is still in the examination process at the Central Jakarta District Court. "Undergoing the third mediation stage according to the prevailing laws and regulations," he said.
By the end of this month, Garuda Indonesia will receive a US$1.4 billion or Rp23.6 trillion capital injection from Danantara. This capital will be disbursed at the Extraordinary General Meeting of Shareholders on Wednesday, November 12, 2025.
Thomas detailed that 37 percent or Rp8.7 trillion of this fund is for Garuda Indonesia's working capital, which includes aircraft maintenance and repair costs. Meanwhile, 63 percent or Rp14.9 trillion is for Citilink's working capital.
Regarding the capital in Citilink, Thomas said that Rp11.2 trillion is for working capital and Rp3.7 trillion is for the payment of aircraft fuel purchase debts.
In the previous announcement, the capital from Danantara to Garuda Indonesia will be determined at the Extraordinary General Meeting of Shareholders on Wednesday, November 12, 2025.
This additional capital is implemented because Garuda is expected to not record positive equity until November 2025, thus hindering access to funding and posing the potential for delisting from the Indonesia Stock Exchange. On the other hand, Garuda is also under pressure due to aircraft maintenance and restoration that have lowered the company's and Citilink's performance.
Garuda Indonesia recorded a loss of US$180.7 million or Rp3 trillion (exchange rate 16,654 per US dollar) until the third quarter of 2025. This loss decreased from the same period last year, which was US$129.6 million or Rp2.1 trillion.
Editor's Choice: Danantara Cuts Capital Injection for Garuda Indonesia to US$1.4 Billion
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