ENP Newswire -
Release date- 28062014 -
Garuda Indonesia President & CEO
'As Garuda Indonesia's performance continues to improve - thanks to the Company's corporate transformation and expansion program, the 'Quantum Leap 2011-2015', Garuda Indonesia has always endeavored to meet its commitment to its creditors on time', added Emir.
The syndicated loan from ECA and Commercial Lenders was allocated for the procurement of six A330-300 in 1996. Following this voluntary prepayment, Garuda Indonesia now holds rightful ownership of six A330-300 which up till now had been an 'underlying asset' of the loan, and the Company is no longer bound by the covenants of ECA and CL. '
In line with its ongoing 'Quantum Leap' program, Garuda Indonesia established the years 2011 till 2015 as the company's period of expansion, in tandem with the investments the Company carries out to expand its fleet and the development of Citilink as an independently operated
Through this expansion program, by 2015 Garuda Indonesia will operate as many as 194 aircraft aged an average of 4,8 years old. Passenger volume is expected to increase to 45.4 million passengers from the the current 25 million passengers, and flight frequency increases to 1.100 frequencies daily day from the current 534 or more flight frequencies per day.
Currently, Garuda Indonesia operates 140 aircraft consisting of Boeing 777-300ER, Airbus A330-200/300, Boeing 737-800NG, Bombardier CRJ1000
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