Garuda Indonesia Crisis: How Much Debt is Due in the Next Year?

PT Garuda Indonesia (Persero) Tbk had US$2.73 billion (equivalent to Rp 39.09 trillion at an exchange rate of Rp 14,307.01 per US$) in debt due within one year, as of September 2021. This figure represents a 30% increase compared to September 2020.

The breakdown includes lease liabilities maturing within one year totaling US$1.95 billion, bond debt of US$49.39 million, and long-term loans maturing at US$80.67 million. There were also estimated costs for aircraft return and maintenance of US$71.53 million, mandatory convertible bonds of US$69.75 million, and asset-backed securities (ABS) loans of US$66.03 million.

For context, the company, traded on the exchange under the code GIAA, had negative equity of US$3.61 billion in September 2021. Total assets amounted to only US$9.42 billion, while total liabilities reached US$13.03 billion.

As reported, GIAA recorded a loss of US$1.66 billion by the end of September 2021. These losses further increased the company's deficit and expanded its negative equity.

The state-owned airline had a deficit of US$3.26 billion on January 1, 2021. This figure swelled to US$4.93 billion by September 2021.