Garuda Files for Chapter 15 in US as It Seeks Path to Profit
- Carrier submits filing in Southern District Court of New York
- Airline could record net income of around $400 million in 2023
A PT Garuda Indonesia aircraft at Soekarno-Hatta International Airport in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
PT Garuda Indonesia filed for Chapter 15 bankruptcy protection in the Southern District of New York court, as the debt-laden carrier tries to secure its future profitability.
The document is dated Sept. 23. The submission comes as the airline, having completed a court-supervised debt restructuring in Indonesia to halve reduce its debt load, tries to capitalize on the rebound in international travel.