Aercap Ireland Limited (Aercap), one of the lessors for Garuda Indonesia’s aircraft, agreeing to withdraw its bankruptcy lawsuit against the Indonesian flag carrier.
With the airline signing a Global Side Letter Agreement with it, Aercap on July 28 agreed to withdraw its bankruptcy lawsuit against the carrier. The lawsuit was registered in the New South Wales Supreme Court, Australia, on June 21, 2021.
As part of the agreement, Garuda Indonesia will relocate its nine Boeing 737-800NG aircraft that are under lease to an undisclosed location.
“In line with the agreement […], the company ensures that all aspects of flight operational activities will continue as normal,” said Rahmat Hanafi, Garuda Indonesia Technical Director, in a written statement to the Indonesian Stock Exchange (BEI). “The company also ensures that the follow-up to the agreement with Aercap will be carried out by always prioritizing the principles of Good Corporate Governance.” He added.
On a related note, Erick Thohir, the Indonesian Minister of State Owned Enterprise (Menteri BUMN), has said that he has asked Garuda Indonesia to stop competing with foreign airlines on international routes and to focus instead on domestic ones.
Domestic tourists are contributing to the overall economy as much as IDR1,400 trillion (about US$97.28 billion) compared to IDR300 trillion (US$20.85 billion) from foreign tourists, he said during a television interview on Aug. 1.
“Garuda [Indonesia] will focus on domestic,” Thohir said. “It won’t be as it used to be by competing internationally. We have to return to 90 percent domestic [routes],”
Garuda Indonesial recorded a US$384.35 million net loss with a total revenue of US$353.07 million in the first quarter of 2021, a 54% decrease compared to the last year’s revenue of US$768.12 million in the same period. However, the company managed to reduce its expenditures to US$702.18 million from the previous year’s US$945.71 million.
It is expected that with the shift to focus on the domestic routes, Garuda Indonesia will be able to further reduce its loss to better weather the current global pandemic situation.
The Indonesian Navy (Tentara Nasional Indonesia Angkatan Laut / TNI AL) recently launched two Pari-class patrol vessels. Constructed by PT…
A delegation from the Royal Malaysian Air Force (Tentera Udara Diraja Malaysia / TUDM) is reportedly set to engage in…
VARD, a subsidiary of the Fincantieri Group based in Norway, secured a contract to construct two Commissioning Service Operation Vessels…
Leonardo announced the finalization of an agreement to sell its Underwater Armaments Systems (UAS) division to Fincantieri on Thursday. “The…
General Atomics Aeronautical Systems, Inc. (GA-ASI) is partnering with Shift5 to integrate the company’s onboard cyber anomaly detection and predictive…
The Malaysian Ministry of Defence (Mindef) has finalised 40 agreements totalling RM7.3 billion, encompassing seven contracts valued at RM1.90 billion,…
Leonardo, an Italian aerospace company, and the Ministry of Defense of Malaysia (Mindef) have marked a significant milestone during the…
Turkish land systems manufacturer Otokar is displaying its Cobra II and Akrep II armoured vehicles at DSA. The Cobra II…
Systems Engineering & Assessment (SEA), a technology company based in the UK, proudly displays its advanced decoy launcher Ancilia, at…
The Czech Republic’s Excalibur Army has its debuts in the ongoing show. The company is bringing a few small scale…
Turkiye’s Secretariat of Defence Industries (Savunma Sanayii Başkanlığı-SSB), has two main objectives: modernization of Turkish Armed Forces, and establishing&developing a…
Malaysian company, Smart Weapon Storage Inntech Sdn Bhd (SWS), which has been around for 20 years, aims to extend its…
“We will continue to provide tailored solutions to our customers,” said Cem Altinisik, FNSS Corporate Communication Manager in an interview…
Tony Chegwidden, the Director of Business Development International at EDGE Group, is sharing his thoughts regarding the group’s focus and…
Boeing has advanced its manned-unmanned teaming (MUM-T) technology using a digital F/A-18 Super Hornet and MQ-25 Stingray. The testing shows…
Malaysia’s Lumut Naval Shipyard Sdn Bhd (LUNAS) inked a Memorandum of Understanding (MoU) with Indonesian shipbuilder PT PAL Indonesia at…
Prime Minister of Malaysia, Datuk Seri Anwar Ibrahim, attended the unveiling of MALVUS SENSE SDN BHD’s CW-25H, a significant development…
KNDS France which is the main provider of artillery systems for the Royal Malaysian Army and a strategic industrial partner…
The upcoming 10th edition of Indo Defence 2024 Expo & Forum, renowned as one of the foremost international defence industry…
Malaysian firm MILDEF International Technologies unveiled its new Tarantula, 4x4 High Mobility Armoured Vehicle (HMAV) at the ongoing DSA. Also…
Nurol Makina and Nadicorp (Badanbas) are showing their NMS 4X4 armoured vehicle in Royal Malaysian Army camouflage for the first…
South African defence firm Denel is presenting its portfolio of guided weapons and land defence systems at the show. “Denel…
The Malaysian armed forces are accelerating their procurements of modern military equipment in their quest to transform their combat capability.…
PT Dirgantara Indonesia (PTDI) is currently participating in the Defense Services Asia (DSA) 2024 defence exhibition, scheduled from 6th to…
The French defence company and a leader in ground mobility solutions, Arquus is showcasing its proven range of defence and…
Tell me about Cendana Auto, and the products that you're featuring here? Cendana Auto is 100% a local Malaysian company,…
Thailand’s defence land system company, Chaiseri, is bringing three of its First Win (FW) series armoured vehicles to the show.…
Turkish weapons company Roketsan is showcasing its broad range of missile equipment at the ongoing show including its new generation…
Malaysia will buy 10 AN/AAQ-33 Sniper Advanced Targeting Pods from the United States. The proposed sale will improve Malaysia’s capability…
As far as high-profile visits go, this one was right up there on the list. After speaking at the opening…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.