👟 Walk the Talk: Asian Airlines
Acrostics Asia plots the trajectories of Asian carriers including Garuda Indonesia, SriLankan Airlines and VietJet.
Acrostics Asia consistently delivers forward-looking insights on Asian airlines that help readers to anticipate what lies ahead, instead of just reacting to the news.
These include Indonesia’s mission to turn around its flag carrier Garuda Indonesia, SriLankan Airlines’ easing stand-off with a group of offshore bondholders, and VietJet’s long-running dispute with UK special situations fund FitzWalter Capital.
Garuda Indonesia
Two months ahead of the official announcement, Acrostics Asia reported that Indonesian officials were discussing a potential capital infusion for Garuda via sovereign fund Danantara.
Acrostics Asia also reported on 24 April 2025 that the airline was forced to ground some planes due to a shortage of components.
Throughout the year, Acrostics Asia accurately plotted Garuda’s flight trajectory by connecting the financial, legal, operational and political dots.
SriLankan Airlines
On 4 August, Acrostics Asia warned that a group of SriLankan Airlines bondholders risked overplaying their hand by pushing for a full recovery.
The bondholders had limited negotiating leverage, as a clause in Sri Lanka’s restructuring gave the nation a justification not to give special treatment to any group of creditors. The local courts also blocked the noteholders’ threat to wind up the flag carrier.
SriLankan Airlines announced on 20 November that it had struck an in-principle agreement with the bondholders for a restructuring deal that will include a 15% haircut.
VietJet
Acrostics Asia has closely tracked the twists and turns of the legal battle between VietJet and FitzWalter.
The tussle shone a spotlight on the JOLCO lease structure, which allows a lessor to terminate an agreement and demand full payment upon a default.
Acrostics Asia reported on 15 November that the UK Court of Appeal had found the Vietnamese airline not guilty of contempt.
Full Acrostics Asia Coverage
📚 Acrostics Anatomy: Garuda Indonesia’s Clipped Wings (24 April - 16 June 2025)
📚 Acrostics Anatomy: Indonesia’s Mission to Save Garuda (27 June - 30 September 2025)
📚 Acrostics Anatomy: Garuda Indonesia’s Clean Up Operation (8 October - 21 November 2025)
📚 Acrostics Anatomy: SriLankan Airlines’ Bond Truce (7 June - 20 November 2025)
📚 Acrostics Anatomy: VietJet vs FitzWalter (14 May - 15 November 2025)