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Indonesia Stock Exchange warns of potential Garuda delisting

State-owned airline grappling with heavy debt and losses fueled by pandemic

Garuda Indonesia is working to restructure debt under a court-led process.   © Reuters

JAKARTA -- The Indonesia Stock Exchange has warned that shares in embattled Garuda Indonesia may be delisted, as the country's flagship carrier embarks on a restructuring of its business and debt.

The IDX said in a brief statement late Monday that Garuda shares could be delisted if the company is "experiencing a condition, or event, which significantly negatively, affects the business continuity... and the listed company cannot show adequate indications of significant recovery." It also said a stock that had not been traded for 24 months would also be delisted.

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