Garuda Turns to Share Sale as Fuel Eats Into $1.4 Billion Rescue
AI Summary
Garuda Indonesia's financial position worsened after a $1.4 billion rescue by sovereign wealth fund Danantara, as rising fuel costs erased its remaining equity. The airline is pursuing another share sale to shore up its finances.
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.
Markets Deals Travel Commodities Energy Garuda Indonesia airline finances fuel costs share sale rescue funding