Garuda Indonesia halves debt with restructuring, on track for profit - government

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Garuda Indonesia halves debt with restructuring, on track for profit - government

JAKARTA - Garuda Indonesia has halved its debt and achieved comparable cuts to aircraft leasing costs in negotiations that have set the airline up for profitability, the Indonesian government said on Tuesday. The company had approached financial investors and foreign airlines to increase its capital, Kartika Wirjoatmojo, deputy minister of state-owned enterprises, told reporters.