Hal 61

Latihan 9A

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Garuda Looks For More
Equity from Government 

JAKARTA (JP) : Garuda Indonesia, the country’s falg carrier, has aked that the seven Boeing aircraft that it has ordered be paid for by government and transferred to the airline to improve the company’s financial structure. 

The airlines’s chief commisioner, Murtiono Hadianto, said yesterday that Garuda would first do it’s “home work” to win approval from the government. Garuda, whose fleet includes seven Boeing B-737-400s and three B-747-400s, has been burdened with hundreds of billions of rupiah in liabilities since the late 1980s.

Martiono said that if the governments pays for the order five B-737-400s and two B-747-400s, which are now on order and transfers the jets to Garuda as equity, the carrier’s liabilities will be reduced by about one-third.

Garuda’s current fleet also includes six 747-200s, 10 A-300-600s, six MD-11s and six DC-10s, eight B-737-300s and nine aging Airbus A-300-B4s. A spokesman for garuda, Jansius Siahaan, said that a B-737-400s aircraft now costs about US$60 million.

Martiono, who is also the minister of finance’s assistant for regional economy and monetary relations, yesterday refused to disclose what kind of home work had to be completed by Garuda.

Analyst Analyst believe that it would include a series of restructuring programs to falicitate Garuda’s initial public offering olans.

Under its restructuring program, the airlines last year slashed the number of its international services to cut operational costs. 

Garuda also plans to invite overseas airlines to buy onto the company under a direct investment placement before listing on any stock market.