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Mandala Airlines in the hands of Saratoga Group JAKARTA - The Saratoga Group, an investment company founded by Edwin Soeryadjaya and Sandiaga Uno, has announced that is had acquired 51 percent of Mandala Airlines stock. The remaining shares are in the hands of Tiger Airways with 33 percent and 16 percent for the old shareholders and creditors of the airline.

The agreement was signed in Singapore earlier this week. Because of the deal, it is now very likely that Mandala Airlines will once again take to the skies. This can be as fast as June or July this year, according to Nurmaria Sarosa, head of communications with the airline. Singapore media claims that Mandala Airlines will assume the low-cost carrier role, like Tiger Airways.

Tiger Airways is majority owned by Singapore Airlines and currently operates 24 Airbus A320 aircraft. Earlier shareholders of Mandala Airlines, Cardig and Indigo, have seen their shares dropped to 16 percent, and have to share this with other creditors as well. Among them are 114 companies, 72.000 ticket-holders and 350 travel agents.

PT Mandala Airlines was established 17 April 1969 and was initially a part of the body of the Indonesian military. In April 2006, Indonesian transport group Cardig International acquired the airline valued at IDR 300 billion. In October 2006, Indigo Partners, an investment firm, acquired 49 percent Cardig’s stake.

Mandala Airlines stopped operations because of acute financial difficulties on January 13, 2011. The company has fired half of it's staff on April 1. The total debt of Mandala Airlines reached IDR 2.45 trillion (204 million euro), which represents the amount owed to unsecured creditors. Mandala’s assets that have bee ncalculated around 110 billion Rupiah (9,2 million euro).


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Related blog entries (category 'Travel') Tags: Saratoga Group, Mandala Airlines, investment


Posted in Travel @ 21 May 2011 01:49 CET by Jeroen · 'Blog' RSS feed · permalink





Yogya-Bali
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Well, let's hope Mandala starts again. Hopefully not (again) bothered by the Garuda-maffia, backed by the government.
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