voting responded positively to the peace proposal in the process of delaying the payment of debt obligations (PKPU) of PT Garuda Indonesia Tbk (GIAA).
Of the 365 creditors, 347 (95.07%) agreed to the PKPU proposal presented by Garuda. With the results of the PKPU, currently Garuda has escaped the threat of bankruptcy that its creditors can file.
Seeing the results of the PKPU, Ditha Wiradiputra, lecturer for the courses on Business Competition Law, Bankruptcy Law and Economic Analysis of Law Faculty of Law, University of Indonesia (FHUI) appreciates the struggle made by the Minister of SOEs Erick Thohir to avoid Garuda's bankruptcy due to not being able to pay its obligations to creditors.
With the approval of Garuda's PKPU, within a period of 270 days all creditors cannot legally collect the debts of aviation SOEs. With this time, Garuda has time to think about how to settle its debts to its creditors. One of them hopes that there will be additional state capital participation (PMN) funds.
Because after being fought for not going bankrupt by Minister Erick, Garuda must get PNM from the APBN. If the additional PMN is not lowered, Minister Erick's efforts to save the garuda will be in vain. Indeed, PMN funds cannot cover all of Garuda's debts. However, it is believed that this additional PMN will be able to help Garuda to operate normally.
"If it was a private company and Minister Erick didn't fight for it, maybe Garuda would have gone bankrupt. Garuda should thank the government, the SOE minister, and all the Indonesian people who have fought for Garuda so that it doesn't go bankrupt. After this PKPU, the next Garuda rescue must immediately add an additional PMN "Hopefully, with the addition of PMN Garuda, it can operate normally and can repay its obligations to its creditors," Ditha told the media quoted on Sunday (19/6/2022).
The executive director of the Institute for the Study of Competition and Business Policy, FHUI, hopes that Garuda will not waste the hard efforts made by Minister Erick to fight for the aviation SOE not to go bankrupt. Don't forget that when Minister Erick and all Indonesian people have assisted him, Garuda is asked to operate efficiently and there will be no missed management.
"If there is inefficiency and missed management , all Indonesian people will be affected. Because Garuda's rescue fund came from public money. Inefficient routes must be closed immediately. Expensive airplane rentals must be eliminated. Don't let Garuda PKPU again or go bankrupt. Enough is enough Merpati is bankrupt. The Minister of BUMN must closely monitor Garuda after the additional PMN disbursement, "said Ditha.
Ditha appreciated the government for issuing Government Regulation (PP) Number 23 of 2022 concerning Amendments to PP Number 45 of 2005 concerning the Establishment, Management, Supervision and Dissolution of State-Owned Enterprises. One of the articles in the PP requires the commissioners and supervisory boards to be fully responsible for the losses of the SOEs they manage. According to Ditha, the new PP can be used as a tool for the management and supervisory board of state-owned companies to reject any intervention that could harm the state-owned company.
from certain parties. While from a business perspective it is not economical. But they have to fulfill it. Because if they don't fulfill it, they will be removed intervention . make SOEs lose. Because if they are negligent, they can be brought to justice," said Ditha.
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