Finally, Saratoga Group took over the Mandala Airline stocks by 51 per cent, followed by Singapore airlines, Tiger Airways, by 33 percent, and the remaining 16 percent by the old shareholders and its creditors.
The agreement was conveyed Head of Corporate Communication, Mandala Air Nurmaria Sarosa, Thursday (5/19/2011) in Jakarta. "God willing, Mandala will flight June or July 2011, "said Nurmaria. The agreement was signed in Singapore on Thursday afternoon.
Saratoga Group, an investment holding company founded by Edwin Soeryadjaya and Sandiaga Uno.
Tiger Airways is an airline which is majority owned by Singapore Airlines. Tiger Airways now flies 24 Airbus A320 aircraft. "Cardig and Indigo stocks was diluted in 16 percent of the shares are shared with other creditors," said Nurmaria.
Singapore media proclaim, Mandala Airlines will take the business model of low-cost airlines, like Tiger Airways, and still will operate the Airbus A320 with operational centers in Indonesia.
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 an airline with value at IDR 300 billion (34 million U.S. dollars). In October 2006, Indigo Partners, an investment firm, acquired 49 percent Cardig’s stake.
Mandala Airlines stops operations because of financial difficulties since January 13, 2011 and since April 1, had to lay off 50 percent of its employees.
Total debt of Mandala Airlines after verified reached IDR 2.45 trillion, which represents the amount owed to unsecured creditors. The amount is derived from about 114 creditors who are companies, 72,000 ticket holders that have been verified, and 350 travel agents. While Mandala’s assets that have beencal culated around IDR 110 billion.
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