“The COVID-19 outbreak has had a significant impact on the airline’s financial performance. However, we are optimistic that we will be able to pull through this difficult situation and adapt to a new normal,” Garuda president director Irfan Setiaputra said in a statement on Tuesday.With the extension, Garuda will be able to strengthen its liquidity and improve its overall financial performance, he said.Garuda Indonesia booked $3.25 billion in short-term liabilities last year, including $498.9 million in sukuk bonds, according to its 2019 financial report. Flight disruptions caused by emergency measures to curb the spread of COVID-19 have dealt a major blow to the country’s airlines, including Garuda.According to a letter available on the IDX website signed by Garuda finance director Fuad Rizal, Garuda’s flight traffic dropped by 83 percent year-on-year (yoy) in April as the government banned flights between major cities in the country. The number of passengers decreased by 45 percent in the January to April 30 period, compared to the same months last year. Travel restrictions imposed by several countries also led to a 95 percent decline in international flights.“Flight disruptions have impacted the company’s financial condition, with operating revenue decreasing by 89 percent in April compared to that in the same month in 2019. The outbreak has also led to negative cash flows as a result of a 47 percent increase in the company’s trade payable arrears — or $236 million — during the first quarter, from the last quarter of 2019,” the statement read.To cope with the difficult situation, Garuda Indonesia will receive a capital injection of Rp 8.5 trillion from the government.Analyst and the head of research of MNC Sekuritas, Edwin Sebayang said Garuda’s request for an extension was necessary and inevitable. However, the decision may also lead to a downgrade in the company’s credit rating.Going forward, Edwin said Garuda must be very careful in maintaining its cash flow and had to apply strict cost efficiency measures for the next two years. Edwin estimates that in the next two years, the aviation industry would face a tough recovery as passenger demand would slowly return to normal and a decline in revenue would likely continue.“Thus, Garuda must implement cost efficiency measures because it also has more debts, either from bank loans or from other bonds,” he said on Tuesday.Edwin said that in the future, Garuda must only focus on profitable routes within the country and across Asia instead of insisting on operating long-haul but unprofitable flights such as Jakarta-Amsterdam or Jakarta-London.“Garuda must change the way it does business. It must put aside its pride and focus on routes that can turn a profit and avoid those that would only incur losses,” he said. Topics : Publicly listed national flag carrier Garuda Indonesia is asking for a three-year extension on US$500 million worth of global sukuk (global Islamic bonds) due on June 3 to address a major liquidity problem caused by the COVID-19 outbreak.The proposal was submitted to the Financial Service Authority (OJK), the Indonesian Stock Exchange (IDX) and the Singapore Stock Exchange (SSE) on Tuesday.The airline will formally ask for approval from bondholders to extend the Islamic bonds during their meeting, which will be held at the end of the grace period on June 10.
Newsroom GuidelinesNews TipsContact UsReport an Error The Angels acquired right-handed reliever Felix Peña from the Chicago Cubs for cash considerations or a player to be named on Monday.Peña, 27, has posted a 4.98 ERA with the Cubs in 36 games over the past two seasons, covering 43-1/3 innings. He has 10.4 strikeouts per nine innings in the majors. Peña throws mostly a 95 mph fastball, with a slider.In order to create a spot for Peña on the 40-man roster, the Angels designated left-hander Jason Gurka for assignment. Gurka had been claimed on waivers late this season, and he faced five batters in three games in the majors in September.
Intrigue abounds in the women’s singles at Wimbledon, where Angelique Kerber will be looking to defend her title, top-ranked Ashleigh Barty seeks a second successive Grand Slam title and Serena Williams chases a record-tying 24th major.But the story of the first round will surround Serena’s elder sister Venus, who will face 15-year-old qualifier Cori “Coco” Gauff at the All England Club. Wimbledon 2019: American teen Coco Gauff gets marquee opener vs. Venus Willliams – By successfully qualifying, Gauff will become the youngest player to feature in the women’s singles since Laura Robson did so 10 years ago at the age of 15.- Serena’s coach Patrick Mouratoglou has trained Gauff and told Omnisport of the American: “She is fantastic, she can become a top, top player. I believe in her a lot.”- And Gauff is not lacking in self-confidence, having set her sights on surpassing Serena’s achievements back in 2017, with a 12-year-old Gauff saying: “I want to be the greatest of all time.” She has already met both of them but will now have the opportunity to test her mettle against one of her heroes.Ahead of the biggest match of her fledgling career, we look at key details you need to know about the All England Club history maker.”They’re the reason I wanted to pick up a tennis racket”After coming through Qualifying, @CocoGauff now has the chance to face one of her idols… #Wimbledon pic.twitter.com/20iqy8zYgj— Wimbledon (@Wimbledon) June 28, 2019- Gauff was 7 years old when she began playing tennis. After initially growing up in Atlanta she moved to Florida to further her career in the sport.- She comes from an athletic background. Her father Corey played basketball at Georgia State and her mother Candi was a track star at Florida State. A five-time high school champion in the heptathlon, Candi also excelled at gymnastics.- Gauff made the US Open girls’ final in 2017, becoming the youngest ever player to do so at the age of 13. She lost to Amanda Anisimova, who reached the semifinals of the women’s singles at this year’s French Open.- Gauff turned professional in May 2018 and made her ITF debut as a qualifier at Osprey, Florida, winning her debut tour match.- Gauff won the French Open girls’ title last year by beating Caty McNally, alongside whom she lifted the U.S. Open girls’ doubles title. The pair did battle again in Miami this year, with Gauff claiming her first match win at the elite premier mandatory tournament level.I want to thank everyone who supported me this week! 🙏👏Thanks for all the kind words and messages of encouragement. Merci Paris🇫🇷🏆🤗 #keepbuilding #neverforget #RG18 #TEAMUSA #BatonRougenext pic.twitter.com/c63EJZ4qM3— Coco Gauff (@CocoGauff) June 10, 2018- At a low-level event in Indian Wells this year, Gauff took a set off two-time French Open semifinalist Timea Bacsinszky in a first-round defeat.- Gauff received a wild card into Wimbledon qualifying, and was shopping online for a dress for a gala when she was informed of the decision.- The night before her win over Minnen she remotely took a science test for her high school in Florida at 11 p.m. American Coco Gauff, 15, makes Wimbledon history by earning main-draw spot Gauff, who idolized the Wlliams sisters, became the youngest Wimbledon qualifier in the open era at 15 years and 122 days by defeating Greet Minnen on Thursday.The teenager said of Serena and Venus: “Serena Williams has always been an idol and Venus, I mean, they’re the reason why I wanted to pick up a tennis racket.” Related News