Home / Daily Dose / Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Freddie Mac Prices Third STACR Offering of 2015 at More Than $1 Billion Freddie Mac has announced the pricing of its third Structured Agency Credit Risk (STACR) debt notes offering for 2015, which has been increased up to $1.01 billion from $720 million due to market demand.The latest offering, STACR Series 2015-DNA1, represents a couple of firsts for Freddie Mac’s STACR program: it is the enterprise’s first transaction in which losses will be allocated based on actual losses realized on related reference obligations instead of using a fixed severity approach to allocate losses. In addition, the latest STACR offering represents the first time the first-loss Class B tranche will be issued as book-entry notes.Pricing for STACR Series 2015-DNA1 is as follows: for the M-1 class, one-month LIBOR (London Interbank Offered Rate) plus a spread of 90 basis points; for the M-2 class, one-month LIBOR plus a 185 basis point spread; for the M-3 class, one-month LIBOR plus a 330 basis point spread; and for the B class, one-month LIBOR plus a 920 basis point spread.The offering is scheduled to settle on or around April 28, according to Freddie Mac. Fitch and Moody’s are rating the M-1, M-2, M-3, and MACR classes, and Freddie Mac holds the senior loss risk in the reference pool as well as a portion of the risk in the M-1, M-2, and M-3 classes and first-loss Class B tranche. STACR Series 2015-DNA1 has a reference pool of single-family mortgages originated in Q4 2014 with an unpaid principal balance of more than $31.9 billion, according to Freddie Mac.”We see actual loss-based risk transfer as more sustainable over the long run than calculated loss risk transfer deals, and we are very happy with the initial positive demand from investors,” said Mike Reynolds, Freddie Mac VP of Credit Risk Transfer. “We look forward to integrating actual loss into future transactions.”The STACR offering priced earlier this week is Freddie Mac’s third this year and 12th overall. Freddie Mac began the STACR program in the second half of 2013 as part of the Enterprise’s goal of reducing risk to taxpayers by increasing private capital’s role in the mortgage market. Freddie Mac has laid off a substantial portion of credit risk for more than $205 billion in unpaid balances on single-family mortgages through STACR transactions. The enterprise has issued $7.8 billion in STACR bonds to date, representing reference pools of $249.6 billion through 11 issuances, not including the current STACR Series 2015 DNA1.Credit Suisse is acting as structuring lead manager for the transaction, and Citi Citigroup is acting as co-lead manager and joint bookrunner, according to Freddie Mac.Click here to see a PDF of a STACR investor presentation, or click here to see more on Freddie Mac’s Credit Risk Offerings. April 23, 2015 1,081 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: Freddie Mac Single-Family Residential Mortgage Loans STACR Structured Agency Credit Risk Print This Post Share Save Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Previous: Bank of America Asks for Removal of $1.27 Billion Penalty, Questions Judge’s Impartiality Next: Will Banks Benefit From Recent Non-Performing Loan Sales by GSEs? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Single-Family Residential Mortgage Loans STACR Structured Agency Credit Risk 2015-04-23 Brian Honea Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe
April 14, 2021 6,134 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: Profit-Per-Loan Hits Record High in 2020 Next: To What Extent Have Homeowners Prepared for Disaster? Demand Propels Home Prices Upward 2 days ago Print This Post New Residential Investment Corporation has entered into an agreement with an affiliate of Lone Star Funds to acquire Caliber Home Loans Inc., bringing together the platforms of Caliber and NewRez LLC. Under the terms of the agreement, New Residential will pay a cash consideration of $1.675 billion to acquire Caliber.Through the acquisition New Residential expects to broaden its customer retention efforts; enhance its purchase origination capabilities; add to its asset base with a portfolio of mortgage servicing rights (MSRs); and accelerate New Residential’s mortgage platform objectives.“We believe this is a terrific acquisition for our company,” said Michael Nierenberg, Chairman, CEO, and President of New Residential. “Over the years, Caliber’s experienced team has built a differentiated purchase-focused originator with an impressive retail franchise and solid track record in customer retention. The combination of NewRez and Caliber’s platforms will create a premier financial services company with scale, talent, technologies, and products to accelerate our mortgage company objectives and generate strong earnings for our shareholders. With this acquisition, we have significantly strengthened our capabilities to perform across interest rate environments.”Caliber reported $80 billion in unpaid principal balance (UPB) of funded origination volume in 2020. Caliber’s servicing portfolio as of December 31, 2020 featured $153 billion in UPB, with approximately 630,000 customers.“We are excited to be joining the New Residential family,” said Sanjiv Das, CEO of Caliber. “By combining platforms with NewRez, we will join another industry pioneer that has complementary strengths and is committed to delivering the dream of homeownership. Our combination of strategies will allow us to accelerate our leading position in purchase lending, grow our digital direct to consumer and broker initiatives, and further propel our retail franchise. As we leverage our digitization investments, we will make the entire mortgage process faster, easier, and more efficient. We are thrilled to have the opportunity to deepen our customer relationships, expand our customer reach and provide more industry-leading products and options to our customers.” Home / Daily Dose / Caliber Sold to New Residential for $1.7 Billion Related Articles Tagged with: Caliber Home Loans Inc Lone Star Funds Michael Nierenberg New Residential Investment Corporation NewRez LLC Sanjiv Das Demand Propels Home Prices Upward 2 days ago Caliber Home Loans Inc Lone Star Funds Michael Nierenberg New Residential Investment Corporation NewRez LLC Sanjiv Das 2021-04-14 Eric C. Peck in Daily Dose, Featured, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Caliber Sold to New Residential for $1.7 Billion Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Eric C. Peck Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago
OPEC headquarters in Vienna, Austria. (Credit: DALIBRI/Wikipedia.org) The Organisation of the Petroleum Exporting Countries (Opec) and its allies, collectively called OPEC+, urged oil-producing countries that are drawing above output targets to reduce more volumes in August-September due to concerns of slow oil demand recovery.The association also predicted that demand for oil could reach pre-Covid-19 levels by the year-end.The 21st Meeting of the Joint Ministerial Monitoring Committee (JMMC), which was held through a virtual conference, reviewed the monthly report prepared by OPEC’s joint technical committee (JTC). Besides, the developments in the global oil market were reviewed since the committee’s last meeting in mid-July.The meeting was held under the chairmanship of Saudi Arabian Minister of Energy Prince Abdul Aziz Bin Salman, and co-chair Alexander Novak, who is the Russian Minister of Energy.Data for crude oil production during July 2020 was reviewed as well by the committee. It was noted by the committee that the participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC), delivered a significant performance in overall conformity, at 97%. These included Mexico as well as per the secondary sources.As per Opec, the JMMC members reiterated their commitment to the DoC to meet full and timely conformity. Apart from that, the underperforming members of the committee agreed to make up for the shortfalls in May, June, and July 2020 by the end of next month.The JMMC members also appealed to other underperforming participating nations to present their plans for implementing the compensation required for the overproduced volumes to the OPEC Secretariat by 28 August 2020.OPEC statement on the JMMC meetingOPEC stated: “The Committee emphasized that achieving 100% conformity from all participating countries in the DoC and compensating for the shortfalls in May, June and July 2020 is not only fair, but vital for the ongoing rebalancing efforts and to help deliver long-term oil market stability.“It instructed the JTC and the OPEC Secretariat to closely monitor and report to the JMMC on the implementation of the required compensation by the underperforming participating countries as stipulated in their plans.”The JMMC committee also noted that there are some indications of market conditions gradually improving, which includes the reversal of the inventory build in July 2020 along with the narrowing of the gap between global demand and supply of oil.However, the committee felt that the speed of recovery seemed to be slower than expected with increasing risks of a prolonged wave of Covid-19. OPEC predicted that demand for oil could reach pre-Covid-19 levels by the year-end
Queen’s College JCR President, Nathan Roberts, faces losing his position for a second time, it emerged this week.After his forced resignation last term, and his subsequent re-election at the beginning of Hilary, Roberts faces a second removal after a decision made by Queen’s Governing Body, which has stated that it does not consider it appropriate for him to act as a representative for the JCR.The college Provost, Paul Madden, emailed members of Queen’s JCR to tell them that he had advised Roberts before the more recent elections took place that he could be an “acceptable” candidate for the position this term.This was on the provision “that his academic work, as reflected in tutorial reports and collection results, had improved to the extent that his Tutor could now advise him that this was a reasonable step.”However, he added, “In the event, the tutor’s advice was that he should not stand. I told Mr. Roberts that he should withdraw his candidacy.”“Unfortunately,” he went on, “the election was allowed to proceed with Mr. Roberts as the only named candidate and he was elected. The Governing Body has taken the view that it is not possible to accept as a student representative someone who has defied the instructions of its academic disciplinary committee, and the repeated advice of his Tutor and the head of the College.”The Provost also pointed out that the Conference of Colleges Appeal Tribunal (CCAT), an external body of appeal, to which Roberts took his concerns in Michaelmas, had decided “it was within the power of the College to require the student to resign the Presidency of the JCR for reasons of academic discipline.”Roberts has rejected the claim that his enforced removal was within the powers of the College. He told Cherwell, “The SCR can do a lot of things. They can’t just sack me.”In an open response to the Queen’s College JCR, Roberts criticised the Provost’s opposition to his presidency.He stated that they had come out in favour of four out of his five appeals, including the claims that the College were both at fault in threatening him with expulsion last summer for not resigning and for not allowing him a College appeal.He claimed that he had “followed all the College and JCR rules”, and added, “I was given the impression that there would only be repercussions if my work this term proved to be poor…“My academic situation has improved and there has been observation across my reports that I’m putting a lot more work in, despite an incredibly stressful Michaelmas term.”University College JCR President Alice Heath expressed her disappointment at the Provost’s decision to send the email to the JCR: “I think it’s unprofessional and frankly outrageous that the Provost has brought up Nathan’s academic discipline in an email to the entire JCR.”“An SCR has no right to tell a JCR who its President should be. JCRs choose a student to represent them.”Roberts confirmed that he planned to challenge the Provost’s decision.Roberts was first forced to resign as JCR President at the beginning of Michaelmas Term 2009, due to his failure to attain a 2.1 in his Prelims.Following the rejection of his attempts to appeal to the Governing Body, Clumsy Teddy, a stuffed bear, was elected as his replacement. Roberts campaigned and husted on behalf of Clumsy Teddy.
Man loses “Home Damage Appeal” That blamed Neighbor’s WateringDave Stafford for www.theindianalawyer.comA man whose Monroe County home was lost to mold contamination lost his appeal of a jury verdict in favor of his neighbor. The homeowner had claimed his neighbor’s excessive watering of her lawn caused water damage to the basement of his home.David Kimbrough sued Ramona Anderson in August 2012, alleging that her watering habits caused mass amounts of water to flow from her yard into the lower level of his home over a period of years. But by that time, the home had fallen into such disrepair that the Monroe County Assessor removed the residence form the tax roll due to “severe black mold damage.” Kimbrough also lost an art collection that an appraiser valued as worthless due to mold contamination.The jury returned a verdict for Anderson after hearing testimony that included witnesses who testified there were numerous maintenance issues with Kimbrough’s residence that could allow water to infiltrate into the wall and then into the foundation. Another of Anderson’s witnesses, a hydrogeologist, attributed the cause of damage to poorly installed drains around the foundation, lack of a sump pump, poor grading, or poorly maintained gutters.Kimbrough argued much of that evidence should not have been admitted, nor should the jury have known about an insurance claim he filed for water damage at the house in 2006, before Anderson moved there. Mold problems at the home were first detected then. He also said the jury was improperly instructed on Anderson’s affirmative defense arguments of Kimbrough’s comparative fault and failure to mitigate.In David L. Kimbrough v. Ramona F. Anderson, 53A05-1507-PL-883, the panel affirmed the jury verdict. “(W)e conclude that the trial court did not abuse its discretion in precluding testimony from Anderson’s insurance company regarding instructions given to Kimbrough, in admitting Kimbrough’s prior home insurance claim file, and in admitting one of Anderson’s expert reports into evidence,” Judge Paul Mathias wrote for the court. “Further, the trial court did not abuse its discretion in denying Kimbrough’s motion for judgment on the evidence on two of Anderson’s affirmative defenses or in instructing the jury.”FacebookTwitterCopy LinkEmail
FacebookTwitterCopy LinkEmail The Bill of Rights: On Its 225th AnniversaryDecember 15, 2016By Richard Moss MDThe original constitution approved by the framers in Philadelphia on September 17, 1787 did not have a Bill of Rights. When it went out to the states to be ratified, at each of the state-ratifying conventions there was a demand for a Bill of Rights. In the very first Congress, shepherded through by Representative James Madison, 12 amendments emerged that also went out to the states for ratification. On December 15, 1791, Virginia became the 10th state to ratify what became the first Ten Amendments to the Constitution, also known as the Bill of Rights.The Bill of Rights, like the Constitution of which it is a part, codified and provided a framework for the principles of the Declaration of Independence, the principles of God-given, inalienable rights to life, liberty, and the pursuit of happiness. It protected free speech, religious freedom, and the right to bear arms. It ensured a fair and speedy trial. It defended against unnecessary search and seizure. It safeguarded due process and private property. It preserved individual and state rights. And much more. It primarily defended against an all-powerful central government. It is a landmark of liberty, individual sovereignty, and limited government. It along with the Magna Carta, the Declaration of Independence, and the Constitution, are the loftiest achievements of mankind, the greatest documents of liberty in all of human history, a uniquely American document.While other nations maintained international norms and tribal precepts that concentrated power in the hands of one or a few, the framers embraced the opposite – radical, unorthodox ideas such as the rule of law, personal liberty, and free markets that decentralized power away from government and to the individual. Ours was a nation unencumbered by a history of monarchy, aristocracy, or feudalism. From its inception, our nation was founded on liberty and individual dignity. From its birth, it has been an empire of freedom. As such it became the freest and most prosperous nation on earth, the pinnacle of Western Civilization, and model for the world. The Bill of Rights ensured that it would be ever so.We quite properly honor that document today, on the anniversary of its founding, two hundred and twenty five years ago, the Bill of Rights.December 15, 2016Brief Bio: Richard Moss MD is a practicing Ear Nose and Throat Surgeon, author, and columnist who resides in Jasper IN. He recently lost his bid for the Republican nomination for Congress in Indiana’s 8th district. Find more of his essays and blog posts at exodusmd.com. Also find him on Facebook, Twitter, YouTube, and Instagram.
Katelyn Valley | The Observer University executive vice president John Affleck-Graves speaks at a town hall Wednesday.Burish also highlighted the involvement of the Kellogg and Kroc Institutes in Columbia. The Columbian president negotiated a peace treaty between rebels and the government, who have been engaged in a civil war for years, Burish said. Both the government and rebel forces appointed three members to a committee tasked with writing the treaty.“They each appointed three individuals, and those six people would get together and see if they could come up with a resolution,” Burish said. “One of the three appointed by the president was a Notre Dame faculty member. Doug Castle was his name. They created a treaty. All six agreed.”Executive vice president John Affleck-Graves discussed the construction projects currently in progress at the University.“[Rolf’s] will be closing in January, and we’ll start to remodel it for the two basketball teams,” he said. “Because many of us use the rec sports center — either for exercising or for basketball — what we’ve done is we’re moving all the rec sports equipment into the Duncan Student Center.”Affleck-Graves said Notre Dame will likely begin the project of building a new men’s dormitory in March of 2018.“Early next year, we’ll start this project, and we’re hoping to have a new men’s residence hall in August of 2019,” he said. “So it will probably take us 16 to 17 months to do this. It will look very much like Flaherty and Dunne.”The University is also constructing a new facility with water chillers and a 2 million-gallon water tank, Affleck-Graves said.“We’ll run them mainly at night because at night, electricity is cheaper,” he said. “You can buy it off the grid. We can run the chillers, and we can make cold water more cheaply.”Affleck-Graves, Burish and University President Fr. John Jenkins answered questions from faculty concerning the new facilities, changes in University policies and parking.In response to a question about the changes to housing requirements, Jenkins said he felt they will help form stronger communities in residence halls.“The reason we decided to do that is we really do believe it’s an important part of a Notre Dame education, just as we require philosophy and theology and math and science,” he said. “So we feel this is an important part of a Notre Dame education.”When asked if the number of students enrolled at Notre Dame would increase following the construction of the new men’s residence hall, Jenkins said it would not.“We feel we’re about the right size,” he said. “We don’t want to get to such a big, impersonal place we don’t know one another. We have about a little over 8,000 undergraduates and we think that’s about the right size, so we’re going to stay there.”Tags: Faculty Research, Faculty Town Hall, new residence hall, six-semester requirement, town hall The University conducted a series of faculty town halls across Wednesday and Thursday to answer questions from Notre Dame employees and address various projects and policy changes on campus.University provost Thomas Burish discussed research conducted by Notre Dame faculty members. He said Notre Dame has a turbomachinery lab in South Bend where researchers can test airplane engines under simulated conditions.“They don’t have to experiment or try to run it through a computer, build it and see what happens,” he said. “They can just test it in this lab because it’s the real life conditions. It’s the only laboratory in the world that can do this. It’s not just a research project.”
40SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jill Nowacki Jill Nowacki started her career with credit unions in 2001. She has taken on leadership roles at credit unions and state and national trade associations. Now, she uses her experience … Web: www.humanidei.com Details I’m no World War II historian. My rudimentary knowledge of history leaves me believing this, though: Showing up as one of the ally powers required more than just a statement of commitment.FDR didn’t call Churchill to say, “Hey, bro, I’ve got your back. I can’t really understand what you’re going through, but man . . . thoughts and prayers, y’know? And if there’s anything I can do to help, you let me know. I’m here for you.”It didn’t go that way because when an ally joined the forces, they were not joining someone else’s war: An ally joined the fight because the cause was their cause; they believed in the world they envisioned on the other side and could not tolerate the alternative that would exist if the wrong side won the war. There were sacrifices made, resources fully devoted, a commitment to victory no matter the cost.The word “ally” is being thrown around a lot these days . . . mostly in labels that we white people apply to ourselves, tied to a hashtag or an inspirational quote. It doesn’t mean nothing, but it also doesn’t hold the power it should. We are calling ourselves allies without going beyond words of solidarity.Don’t be mistaken: Solidarity is better than silence, but on its own, it isn’t action that affects change. It won’t help win the war against systemic racism. To get there, we must truly align with this cause. We must believe this fight is ours and we must act with a commitment equivalent to that belief.Credit union leaders are uniquely positioned to be true allies in this fight and to leverage our personal and business resources for systemic change. Many of us as individuals have power or influence in our communities, as well as the privilege of being (well-compensated) executives in a movement that was built for the purpose of social change.If dismantling systemic racism and the economic inequity that accompanies it is not our fight, what is?Your public declaration of allyship shows what side you are on. Now, take the action that supports it by deciding what resources you’ll bring to this fight, both personally and organizationally. There are many lists available to share how white people can work toward anti-racism. Here are some credit union-specific ideas that also support your fight toward economic equality, access to financial services, and your desire to be a top employer:Join or start community coalitions that address community well-being and economic inequality and its root causes.Create safe spaces for your black employees to talk about their experiences. Listen with empathy and actively choose to relegate any leadership-centric approach (because statistically, most of your senior leadership is probably white).Participate in or offer Individual Development Account programs that help people obtain wealth-building assets for the first time in their families’ histories.Scrutinize lending policies and practices to ensure you are lending to minority-owned businesses and minority homebuyers.Have advisors (Board members, community partners, paid staff) that are of the community you want to serve. Listen to their input and look for ways to take action. If this is not happening or you don’t believe the talent is there in your community, access a resource that can help you look deeper.Support college scholarships for first-generation college students, at Historically Black Colleges and Universities, or through the United Negro College Fund (personally or through your credit union’s existing scholarship fund).Join the African American Credit Union Coalition or make a donation (personally or through your credit union). When you become a member, support their programs and build your knowledge, taking responsibility to better understand the experiences of our black colleagues in the credit union space.Educate yourself by reading work by black authors, watching documentaries by black filmmakers, or listening to podcasts by black producers. (A friend recently recommended 1619 to me, and I pass that on to you.)Shop at minority-owned businesses.Consider hosting a book circle to discuss your learning (personally or at your organization). I recommend Me & White Supremacy or Blind Spot to start, though the stack is growing daily. The Circle Way can provide a structure that gives equal voice to participants in these conversations. (If you have your own favorite learning tools, please use the comments below to share resources for the benefit of all.)This list of ideas is infinitesimal compared to the work that lies ahead. Each bullet point is just one tiny action, but they are actions that may add up to something that matters if we all show up like the allies we have declared ourselves to be.This credit union system is one that accomplishes much when we come together. I can’t imagine a finer bunch of allies or a better industry to work in for addressing systemic racism. If I can help you in taking action, please reach out: I’m ready to serve.
This is placeholder text continue reading » As credit union CFOs help guide colleagues and board directors through the different phases of COVID-19, maintaining financial excellence enables greater flexibility, creativity, and purpose-driven decision making. By staying on top of rapidly changing financial performance data, finance leaders can help their executive colleagues quickly identify the most vulnerable areas of the business. With that richness of foresight, leaders gain the confidence they need to execute inventive programs that help the members who need them most while maintaining the credit union’s own financial health.Ideal Credit Union, an $800 million Minnesota credit union, has begun putting exactly that kind of data-driven decisioning into action via greater automation of its financial reporting. By getting clean, easy-to-decipher data into the hands of leaders faster, EVP and CFO Dennis Bauer is empowering quick, confident decisions for the ultimate benefit of the credit union’s 50,000+ members.The automation is courtesy of the credit union’s integration of the Financial Performance Management (FPM) tool. The tool generates a variety of reports, each customized to the credit union’s individual business users. According to Bauer, the customization is essential because it allows each department leader access to the most relevant, level-appropriate data. Equally as important is the granularity of data that can be accessed via the FPM tool. Drilling down to exactly the right insight at the right time adds to confidence the credit union teams have in the business intelligence derived from the solution. This post is currently collecting data… ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
During the three-month period, the furloughed employees will still get their health insurance and Idul Fitri bonus, Irfan stated.The COVID-19 outbreak has forced Garuda to park 100 of its 142 aircraft while its number of daily flights has declined 70 percent compared to normal days as people stay at home to avoid contracting and spreading the virus. In the first quarter of 2020, the airline recorded a 31.9 percent annual drop in passenger and cargo revenue. Previously, Garuda Indonesia took several measures to maintain its cash flow amid the plummeting demand for air travel caused by the outbreak. The measures include cutting employees’ and executives’ salaries, cutting production costs for efficiency and renegotiating obligations to partners and aircraft lessors.The airline also opened discussions with holders of its US$498.9 million in sukuk due on June 3 as the company struggles to pay its dues.Aviation observer Gerry Soejatman estimated recently that national airlines would continue to reduce their capacity and services in the next several months to avoid bankruptcy, especially as recovery in passenger demand would take a long time.“In the meantime, airlines need to be very careful in maintaining their cash flow to survive until the passenger demand returns to normal,” he said.Topics : National flag carrier Garuda Indonesia has decided to furlough around 800 contract workers for three months starting May 14 as the airline struggles to stay afloat amid the COVID-19 pandemic. Garuda Indonesia president director Irfan Setiaputra said the measure was a hard decision that needed to be made to help ensure the airline’s sustainability before it resumed normal operations. “We have made this decision after thorough consideration by taking into account the employees and the company’s interests and to avoid layoffs,” he said in a statement on Sunday, adding that the decision had been discussed between the employer and the affected employees.