Latest news with #Citilink
Yahoo
03-07-2025
- Business
- Yahoo
Garuda's $10 Billion Comeback? Airline in Surprise Talks for Massive Boeing Deal
Garuda Indonesia could be preparing for its biggest fleet shake-up in years. CEO Wamildan Tsani Panjaitan told reporters the airline is in talks with Boeing (NYSE:BA) to purchase between 50 and 75 aircraft, including the 737 Max 8 and 787-9 models. The discussions come as Garuda looks to scale up its international presence and move toward operating 120 aircraft within five yearsup from the current 98 between Garuda and its low-cost unit, Citilink. No timeline has been set, and Panjaitan didn't confirm whether the deal would be tied to broader trade negotiations. Warning! GuruFocus has detected 6 Warning Signs with BA. Garuda is also considering bringing back the 737 Max 8a model it quietly returned to lessors during its $10 billion debt restructuring. The airline had previously tried to cancel a $4.8 billion order for 49 of these planes following the 2018 Lion Air crash and a second fatal incident involving Ethiopian Airlines. Now, with a $405 million loan in hand from Indonesia's sovereign wealth fund Danantara, Garuda is re-evaluating the aircraft's place in its fleetpossibly signaling a shift in sentiment toward Boeing's embattled jet. It's still unclear whether this new round of discussions with Boeing reflects a fresh order or a repackaging of the original 49-plane deal. But either scenario could set the stage for Garuda's comeback story. Investors watching the region's aviation recovery may want to pay attentionthis could be more than just a fleet upgrade. It might be the first real sign of Indonesia repositioning itself on the global aviation map, with Garuda as the front-runner. This article first appeared on GuruFocus. 登入存取你的投資組合
Forbes
25-06-2025
- Business
- Forbes
Billionaire Chairul Tanjung-Backed Garuda Indonesia Gets $408 Million Loan From Danantara
Garuda Indonesia aircraft outside a hangar at the company's maintenance facility at Soekarno-Hatta ... More International Airport in Cengkareng, Indonesia, on Thursday, June 30, 2022. Photographer: Dimas Ardian/Bloomberg Garuda Indonesia received a 6.65 trillion rupiah ($408 million) loan from the country's sovereign wealth fund, Danantara Indonesia, to help support the turnaround of the cash-strapped flag carrier. The loan that will be disbursed by Danantara Asset Management is part of a $1 billion financing package that will help support Garuda's recovery, and fund the maintenance, repair, and overhaul of the airline's fleet, according to a statement released on Tuesday. 'With the support of Danantara Indonesia, Garuda Indonesia projects the strengthening of operational capabilities through business and performance optimization, so that it can strengthen Garuda Indonesia's position as a world-class airline,' Wamildan Tsani, president director of Garuda said in the statement. In a separate filing to the Indonesia Stock Exchange, Garuda said that 4.8 trillion rupiah ($294 million)—over 70% of the loan—will be allocated to Citilink, to support maintenance of the low-cost carrier's fleet and ensure the planes are operationally ready. Garuda—which is jointly owned by the government (whose stake has been transferred to Danantara) and billionaire Chairul Tanjung—has struggled with debt and financial problems for years. In 2023, it restructured $10 billion in debt but still needed government support to stay afloat. The airline's revenue rose 16% to $3.4 billion last year, but it still ended the year with a $69 million net loss, compared with a $252 million net profit the previous year. The airline, which operated 139 planes and served over 23 million passengers last year, appointed Tsani—a former top executive at rival Lion Air—as its new CEO last November, in an effort to turn around the loss-making company. Tanjung, who controls the diversified CT Corp., has an estimated net worth of $4.3 billion, according to Forbes' real-time data. Through his company Trans Airways and a small direct stake, Tanjung holds an 8% combined stake in Garuda. CT Corp. is best known for its credit card business, hypermarkets and TV station ownership. The conglomerate also controls Allo Bank Indonesia, one of the country's largest digital banks.
Business Times
24-06-2025
- Business
- Business Times
Indonesia's sovereign wealth fund Danantara loans US$405 million to flag carrier Garuda
[JAKARTA] Indonesian sovereign wealth fund Danantara will extend a US$405 million loan to 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 on Tuesday (Jun 24) 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. He added that the airline group plans to grow its fleet to 120 aircraft over the next five years. Garuda and its low-cost unit Citilink operated 98 aircraft as at March, down from 103 a year earlier. Garuda will receive about US$111 million of the funding, with the remainder going to Citilink for maintenance of about 15 grounded jets, said Prasetio, the carrier's director of finance and risk management. Danantara chief operating officer Dony Oskaria, speaking at the same briefing, added that global expertise would be brought in to aid Garuda's business plans. State-controlled Garuda booked a net loss in 2024 after two years of profit following a post-pandemic travel boom. In November, the airline appointed Panjaitan as its new leader tasked with fixing its finances and expanding its global network. The Indonesian government transfered its 65 per cent stake in the airline to Danantara earlier this year as part of President Prabowo Subianto's overhaul of the management of state-owned enterprises. BLOOMBERG
Business Times
24-06-2025
- Business
- Business Times
Indonesia's sovereign wealth funds Danantara loans US$405 million to flag carrier Garuda
[JAKARTA] Indonesian sovereign wealth fund Danantara will extend a US$405 million loan to 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 on Tuesday (Jun 24) 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. He added that the airline group plans to grow its fleet to 120 aircraft over the next five years. Garuda and its low-cost unit Citilink operated 98 aircraft as of March, down from 103 a year earlier. Garuda will receive about US$111 million of the funding, with the remainder going to Citilink for maintenance of about 15 grounded jets, Prasetio, the carrier's director of finance and risk management, said. Danantara chief operating officer Dony Oskaria, speaking at the same briefing, added that global expertise would be brought in to aid Garuda's business plans. State-controlled Garuda booked a net loss in 2024 after two years of profit following a post-pandemic travel boom. In November, the airline appointed Panjaitan as its new leader tasked with fixing its finances and expanding its global network. The Indonesian government transfered its 65 per cent stake in the airline to Danantara earlier this year as part of President Prabowo Subianto's overhaul of the management of state-owned enterprises. BLOOMBERG
Scottish Sun
21-06-2025
- Scottish Sun
Inside the historic 135-year-old hotel right in the city centre – perfect for an Aberdeen adventure
Restaurant was so good despite we returned for a second feed DON TO PERFECTION Inside the historic 135-year-old hotel right in the city centre – perfect for an Aberdeen adventure Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THERE was no way the forecast of dipping temperatures and cold winds from the North Sea was going to put us off from a trip to Aberdeen. This was to be a first-time visit to the city for my wife Jackie, so we packed the woolly hats and layers and set off. 4 The hotel dates back to 1890 4 The classy lounge at the Station Hotel 4 Allan soaking up the sun at Aberdeen beach But the weather gods were more than kind to us as the clouds dispersed and we were treated to welcome sunshine. That wasn't the only bright spot during our visit. Arriving at the iconic Station Hotel we knew the hotel gods were also looking out for us. Built way back in 1890, the hotel maintains its Victorian charm but has no shortage of modern-day comforts. Our large, bright superior double room had welcome tea and coffee facilities, along with delicious shortbread and mineral water. The huge Hypnos double bed was extra comfortable and the bathroom featured a super-powerful and refreshing overhead shower. Plush and fluffy bathrobes and comfy slippers added to the luxury feel and there was even ear plugs to guarantee a silent night. The staff were friendly and helpful, especially in the brasserie where our first night's dining highlights were the tempura king prawns, sea bass and braised beef featherblade. In fact, it was so good that, despite the temptation to eat out on our second night, we returned there and enjoyed tasty ribeye steaks. With locally-sourced cuisine, the hot buffet breakfast was excellent with the usual sausage, bacon and egg complimented by the tasty black pudding and haggis. There was also a wide choice of cereal and fruit and, of course, porridge. As the hotel name suggests, it is situated right beside Aberdeen's rail and bus station. It was ideal for us as we decided to make this trip as leisurely as possible — by leaving the car at home. We boarded a Citilink coach at Glasgow's Buchanan Street Bus Station and seated upstairs we enjoyed the comfort of someone else driving as we took in the splendid scenery heading to the north-east coast with drop-off and pick-up spots at Perth and Dundee. Aberdeen is a city full of history and we strolled across the old Motherwell-built steel bridge beside the hotel on Guild Street then made a drinks stop at Molly's Bistro which kept us on the history trail as it's on at the start of Shiprow. Fly-through video shows what major Scots city will look like after huge £20m revamp This was originally the main entrance to Aberdeen, dating back to 1281, and the Shiprow Village project now sees it featuring pubs and restaurants. Walk further up Shiprow and you come to the impressive Maritime Museum, housed in the 16th-century Provost Ross' House and church building. The exhibits, across four floors, give you an insight into the city's trading, fishing and shipbuilding past, to today's offshore and global energy. The centrepiece between these is an amazing nine-metre high model of the Murchison Platform oil rig, with terrific oil-field details. I reckon a bus tour is a great way to explore cities and we boarded the Aberdeen Adventurer at the impressive Marischal College, the world's second-largest granite building and now the City Council's headquarters. One of the highlights was driving through picturesque Old Aberdeen with its cobble streets and King's College. As well as being known as the Granite City, many also refer to Aberdeen as the Silver City by the sea because the mica in the stone sparkles in the sun. GO: ABERDEEN ROOMS at the Station Hotel start from £60 a night for a standard double room and from £90 a night for a superior double room. See And as the sun broke through the light clouds it did just that and we hopped off the bus to enjoy it from the city's golden sand beach. The threatened biting winds were still absent as we strolled the lovely promenade for a refreshment and then enjoyed a lovely wander back through the city to the hotel. Thank goodness we didn't let that doom and gloom forecast put us off a trip up north, because we had a cracking few days in one of the Granite City's finest hotels.
