Garuda Turns to Share Sale as Fuel Eats Into $1.4 Billion Rescue
PT Garuda Indonesia is planning a share sale to address financial instability caused by rising fuel costs. This follows a recent $1.4 billion rescue package from a sovereign wealth fund.
Flag carrier PT Garuda Indonesia’s finances deteriorated further just months after a $1.4 billion rescue by sovereign wealth fund Danantara, as surging fuel costs wiped out its remaining equity and added urgency to another share sale to shore up its finances.
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