Indonesian carrier Mandala cleared to fly again
Posted on February 22, 2012, Wednesday
MELBOURNE: Indonesian carrier, PT Mandala Airlines, has been cleared to fly after being grounded for a year because of massive debts, its second-biggest shareholder, Tiger Airways said.
“Tiger Airways Holdings Ltd is pleased to announce that PT Mandala Airlines’ Air Operator’s Certificate has been reactivated by the Indonesian Director General of Air Communications,” the Singapore budget carrier said in a statement yesterday.
It also said information regarding the number of aircraft, the initial routes and destinations for Mandala would be announced soon.
The resumption of flights was scheduled for April.
Mandala Airlines’ clearance to fly culminated a year of financial restructuring after the carrier was grounded in January last year because of its enormous debts.
As a result of the restructuring, Indonesian investment company Saratoga Group held a majority 51.3 per cent stake, with Tiger Airways owning 33.0 per cent through wholly-owned subsidiary, Roar Aviation Pte Ltd.
The remaining 15.7 per cent stake would be held by Mandala’s previous shareholders and creditors.
Mandala Airlines – owned by the Indonesian military until 2006 when private investors took over – would adopt Tiger Airways’ low-cost carrier model and use the Airbus A320 aircraft in its fleet.
It aimed to fly within Indonesia and to international destinations within a five-hour flying radius. — Bernama
