PT Garuda Indonesia, Indonesia's national airline, has seen its financial condition further deteriorate months after receiving a $1.4 billion bailout from sovereign wealth fund Danantara, as soaring fuel costs have depleted its remaining equity and increased the urgency for another share issuance to shore up its finances. The company plans to issue up to 124.4 billion new shares through a rights offering as part of its 2025-2029 restructuring plan. Danantara Asset Management will subscribe by contributing its 65.8% stake in aircraft maintenance unit PT Garuda Maintenance Facility Aero Asia, rather than injecting new funds, with cash proceeds coming from other shareholders exercising their rights.