Analisis Perubahan Struktur Modal Garuda Indonesia Sebelum dan Sesudah Restrukturisasi Utang 2019–2025
DOI:
https://doi.org/10.61132/apke.v3i4.2711Keywords:
Capital Structure, Debt to Asset Ratio, Debt to Equity Ratio, Equity to Asset Ratio, PKPUAbstract
Debt restructuring through the Suspension of Debt Payment Obligations (PKPU) changed the debt structure of PT Garuda Indonesia (Persero) Tbk, but the post-restructuring capital structure did not show a consistent improvement pattern. This study aims to analyze and compare changes in Garuda Indonesia’s capital structure before and after debt restructuring through PKPU during 2019–2025. A quantitative approach with a descriptive-comparative design was employed using annual consolidated financial statements. The 2019–2021 period was classified as pre-restructuring, 2022 as a transition period, and 2023–2025 as post-restructuring. Capital structure was assessed using the Debt to Equity Ratio (DER), Debt to Asset Ratio (DAR), and Equity to Asset Ratio (EAR). The results show that capital structure deteriorated during 2020–2021 and improved in 2022 following a decline in liabilities and the recognition of gains and income from debt restructuring. However, the improvement did not continue in 2023–2024, as equity remained negative and deteriorated again. In 2025, equity turned positive, but the improvement was primarily associated with additional shareholder capital contributions and an asset contribution to a subsidiary, while the company still recorded a net loss. These findings indicate that the improvement in capital structure was not solely attributable to debt restructuring and that its sustainability depends on stronger operating performance.
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