IMPACT OF THE COVID-19 PANDEMIC: PREDICTION OF THE BANKRUPTCY OF PT. GARUDA INDONESIA TBK

Abstract

The purpose of this study to predict bankruptcy at PT. Garuda Indonesia Tbk during the
Covid-19 pandemic. This study uses quantitative methods. The research data is secondary data
in the form of annual financial reports for the 2020-2021 period obtained from the official
website of PT. Garuda Indonesia Tbk. The method of data analysis is descriptive analysis. The
results of the study prove that the Z-Score of PT. Garuda Indonesia Tbk in 2020 = 1,566 <
1.81 and in 2021 = 1.199 < 1.81, meaning that the company has very large financial
difficulties and is at high risk so that the possibility of bankruptcy is very large. The cause of
the risk of bankruptcy is due to the Covid-19 pandemic which causes the company's
operations to not run optimally and international flights are closed. Actions to prevent
bankruptcy is the need for management changes made by PT. Garuda Indonesia Tbk