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All Journal Folia Medica Indonesiana Berkala Kedokteran Moneter : Jurnal Akuntansi dan Keuangan Akrab Juara : Jurnal Ilmu-ilmu Sosial Dynamic Management Journal Abditeknika - Jurnal Pengabdian Kepada Masyarakat Journal of Accounting and Finance Management (JAFM) Jurnal Manajemen Bisnis Kewirausahaan Jurnal Comparative : Ekonomi Dan Bisnis EJOIN : Jurnal Pengabdian Masyarakat Jurnal Pengabdian Masyarakat Biologi dan Sains Sammajiva: Jurnal Penelitian Bisnis dan Manajemen International Journal of Trends in Accounting Research
Intan Kusuma Dewi
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Agriculture, Biological Sciences & Forestry Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Immunology & microbiology Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Physics Public Health Social Sciences Other

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Journal : Dynamic Management Journal

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PT.GARUDA INDONESIA AIRWAYS (TBK) REVIVAL: A STRATEGIC DEBT RESTRUCTURING AND BUSINESS TRANSFORMATION AGAINST BANKRUPTCY Sazly, Syukron; Erri, Dirgahayu; Prana, Indra; Dewi, Intan Kusuma
Dynamic Management Journal Vol 8, No 4 (2024): October
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v8i4.12727

Abstract

This study aims to examine the financial challenges faced by PT Garuda Indonesia (Tbk) between 2021 and 2023, focusing on its efforts in debt restructuring and business transformation, as well as the impact of these initiatives on its financial recovery. Using a descriptive research approach, the study analyzes quantitative data, including the Springate S-Score model, which assesses bankruptcy risk by evaluating key financial ratios. The findings show that Garuda experienced severe financial distress in 2021, reflected in a significantly low Springate S-Score, indicating a high likelihood of bankruptcy. Although there was a brief recovery in 2022, the score dropped again in 2023, signaling continued financial risks primarily due to high debt levels and operational inefficiencies. The research identifies that the airline's issues stemmed from excessive leasing costs, poor financial oversight, and the impact of the COVID-19 pandemic on air travel. While debt restructuring and business transformation efforts, including streamlining operations and expanding revenue sources, showed positive outcomes, the Springate S-Score still highlights the company's vulnerability. The Springate S-Score and relevant financial ratios for PT Garuda Indonesia from 2019 to 2024, with all years classified under "Financial Distress." The ratios (A, B, C, and D) represent key financial metrics, and the S-Score (Z) is used to evaluate the company's bankruptcy risk. To improve its financial standing and Springate S-Score, recommendations include intensifying debt restructuring efforts by negotiating better terms with creditors, exploring alternative financing options like equity issuance or bond offerings, and leveraging government support to enhance liquidity. Additionally, accelerating digital transformation, improving operational efficiencies, and fostering customer loyalty through tailored services are critical for long-term sustainability. Regular performance reviews and transparent communication with stakeholders will be key to rebuilding trust and securing the company’s future. 
EXPLORING THE INTERSECTION OF FINANCIAL DISTRESS, MARKET DIVERSIFICATION FAILURES, AND RISKY FINANCING: A CASE STUDY OF PT SRITEX’S DECLINE Prana, Indra; Erri, Dirgahayu; Tambunan, Diana; Dewi, Intan Kusuma
Dynamic Management Journal Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v9i2.13823

Abstract

This study analyzed financial distress prevention efforts at PT Sritex using three prediction models: Springate S-Score, Zeta Score, and Discriminant Analysis. The results show the company is in a high-risk condition based on all three models. The Springate S-Score (0.78 < 1.0) indicates operational inefficiencies, the Zeta Score (1.5 < 1.81) indicates a risk of short-term bankruptcy, and the Discriminant Score (0.45 < 1.0) reflects financial instability. The analysis concluded that this condition could be prevented through strategic measures, including cost efficiency, debt restructuring, market diversification, and strengthening governance. Springate emphasizes working capital improvements, Zeta Score points to optimizing debt structures, while Discriminant Analysis suggests improving financial ratios. These findings form the basis for recommendations for management to improve transparency and risk management to mitigate bankruptcy. The research makes a practical contribution to stakeholders in developing evidence-based financial recovery strategies.
Co-Authors Abiyyah Aprillia Amin Setio Lestiningsih Amri, Andi Anggraini, Ningsih ANWAR IBRAHIM, ANWAR Anwar, Dera Azkia Arinta Meylinda Ayu Lestari, Devanka Regina Darma Wijaya Dayana Dayana Diana Tambunan Dirgahayu Erri Fanny Aflinda Yahya Fifi Rochaniatul Hasanah Hati, Mentari Cahaya Hendra, Mohamad Herlina Susanti Hilda Srivaliana Ilham Indra Prana Joharman Joharman Komariyatin, Nurul Lia Yulia Budiarti Mahardika, Afftah Rizki Marti, Natasya Muhammad Aminuddin, Muhammad Natasya Marti Ningsih Anggraini Prana, Indra Putri, Meira Nadira Rahmadi Rahmadi Rahman, Irfan Hifdzur Rahmawati, Fatihah Rizki Rizqi, Muchammad Roy Irawan Salsabila, Shafa Tania Samuel Jonathan Sazly, Syukron Shinta Indah Cahyani Siti Chodijah Syamsiar, Syamsiar Utami, Gusti Faoziah Tri Wiguna, Nadya Mebeline Putri Zulkarnain, Bambang Subakti