Indonesia's Danantara Loans $405 Million to Flag Carrier Garuda
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Indonesian sovereign wealth fund Danantara will extend a $405 million loan to PT Garuda Indonesia to help the distressed flag carrier turn around finances and expand its fleet in the coming years.
Garuda Chief Executive Officer Wamildan Tsani Panjaitan said in a briefing Tuesday that the shareholder loan would be the first step in a 'comprehensive transformation' of the airline that will include long-term financing based on performance. The move confirms an earlier Bloomberg News report of funding plans.
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