Citation:

Agung Nugraha Fasa, Irsyadatun Ni’mah "Implementation of Financial Management and Debt Restructuring at PT Garuda Indonesia (Persero) Tbk" International Research Journal of Economics and Management Studies, Vol. 5, No. 10, pp. 45-48, 2026. Crossref. https://doi.org/10.56472/25835238/IRJEMS-V5I10P106

Abstract:

This study investigates the determinants and transformations in the financial management and debt restructuring of PT Garuda Indonesia (Persero) Tbk before and after facing a layered crisis, namely the COVID-19 pandemic and the Suspension of Debt Payment Obligations (PKPU) process on the Indonesia Stock Exchange. Using a qualitative case study approach, this research analyzes corporate documents, media publications, and financial statements to understand how liquidity pressures, solvency, and external shocks affected the airline's capital structure. The results show that prior to the crisis, Garuda's financial condition was characterized by large-scale, debt-financed aggressive expansion. Following the crisis and the PKPU composition agreement (homologasi), the company executed strategic adaptations including liability restructuring, reduction of aircraft leasing costs, fleet downsizing, and capital structure optimization. This study concludes that the crisis acted as a catalyst, forcing the company to shift from a high-risk expansionary growth model to a lean, efficient financial model with high liquidity resilience.

References:

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Keywords:

Debt Restructuring, Financial Management, Financial Performance, Airlines, Capital Structure.