Saratoga Group eventually became the majority shareholder of Mandala Airlines. Saratoga Group's ownership by 51% after signing the official documents conditional sale and purchase agreement.
Besides Saratoga, Tiger Airways is also a new ownership of Mandala Airlines with shareholder by 33%. While the remains is owned by unsecured creditors and holders of old shares.
"We were so pleased with the finalization of the documents of this transaction and look forward to Mandala Airlines immediately operational," said one of the founders of Saratoga Group, Sandiaga Uno.
By signing the agreement, the completion of the restructuring of Mandala Airlines closer. Just a note, Mandala Airlines has been serving a five-month due diligence. Mandala still must complete the requirements to mention a number of transactions required. Including the approval Mandala could flyback immediately from Indonesia’s government. This process is expected to take about 90 days before the operation.
"We expect continued to receive government support so that the plan could flyback to the Mandala can be realized immediately," said President Director of Mandala Airlines Air, Diono Nurjadin Diono Nurjadin.
Diono added, after transfer of ownership of the Mandala Airlines, the company will implement the business model of the Tiger Airways Group. Mandala Airlines will offer low cost travel to international destinations and domestic flights within five hours. The type of aircraft to be used post-restructuring is the Airbus A320.
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