NUSA DUA - Tempo-IDNFinancials gives the title The Most Admired Chief Excutive Officer (CEO) In Turnaround to Irfan Setiaputra, CEO of PT Garuda Indonesia (Persero) Tbk (GIAA), at Hotel Sofitel Nusa Dua Beach Resort, Bali, last Friday (1/12). He is deemed successful in pushing GIAA to complete its Suspension of Debt Payment Obligation (PKPU) case. 

Irfan Setiaputra was initially assigned as CEO in January 2020, only two months before the government officially declared COVID-19 pandemic status in March 2020. The Community Activities Restrictions Enforcement during the pandemic definitely took a toll on flight industry, resulting in lower frequency of flight and the number of passengers of Garuda Indonesia. 

During the crisis, the issuer received PKPU cases from several of its creditors and lessors, including Greylag Goose Leasing 1410 Designated Activity Company and Greylag Goose Leasing 1446 Designated Activity Company.

Facing the crisis, Irfan Setiaputra decided to restructure the debts, passed by Commercial Court of Central Jakarta District Court. Said effort resulted in homologated agreement, thus enabling the reschedule of maturing obligations. 

In the third quarter of 2023, GIAA scored revenue of IDR 1.50 trillion and other operating income of IDR 4.27 trillion. The current year's profit was recorded at IDR 3.69 trillion. (LK/ZH)