Airlines and Hotels in Indonesia Need 2 Years to Recover Post Pandemic

Garuda Indonesia managed to garner the approval from bondholders to extend its $500 million Sukuk (Islamic bond) for an additional three years. The bond was originally due on 3 June; Sukuk is a sharia-compliant bond.

The news has been warmly received as publicly listed Garuda Indonesia struggles to fulfill its debt obligations post pandemic.

Among the measures that Garuda Indonesia took to stay afloat amidst the Coronavirus pandemic are cutting employees' salaries and laying off workers and pilots. (Writer: Mutia Fauzia | Editor: Yoga Sukmana) 

Source: https://money.kompas.com/read/2020/06/09/203400526/dua-industri-ini-dinilai-butuh-dua-tahun-untuk-pulih-dari-dampak-pandemi-covid