Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Mandala Airlines: Cleared for Take Off?
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Mandala Airlines: Cleared for Take Off?

Courts and Debtors Approve Debt-for-Shares Plan for Indonesia's Mandala Airline.


Bali News: Indonesia, Mandala Airline, Diono Nurjadi, Duma Hutapea, Debt restructuring
Click Image to Enlarge

(3/7/2011)

The Management of Mandala Airlines has restated their commitment to recommence flight operations following the successful restructuring of the airlines debt, clearing the way for critical discussions with candidate investors and strategic partners that would get the airline back into the air.

The chief director of Mandala, Diono Nurjadi, quoted by the National news agency Antara, said, "We want to start operating again as soon as possible." Diono told the press that a vote taken on February 24, 2011, among the airline's creditors showed a majority of two-third were in favor of plans to covert outstanding debt into equity in the company.

In the next step, Mandala sought and obtained approval for their restructuring plan from the court in Jakarta. The court authorized Mandala to issue "Series C" share with a nominal value of Rp. 2.500 per share for conversion against debts owed by the airlines to its creditors.

While Mandala is known to be actively courting new capital investors, Diono would not reveal to the press the names of any potential stakeholders, while insisting there are several candidates.

The court-appointed administrator to oversee the restructuring, Duma Hutapea, confirmed that with two-third approval of the debt-to-equity swap the legal requirements for majority approval by a quorum for any restructuring plan had been met. From a total of 345 registered creditor who attended the restructuring meeting, 304 voted in favor of the offered settlement put forth by the airline, 37 voted against, 3 abstained and one vote was invalidated.

From a total debt of Rp. 2.366 trillion (US$26.29 million) approximately Rp. 1.7 trillion or 70% of the company's debt would be addressed by the restructuring plan.

Duma told the press he was pleasantly surprised that the charter companies owed money by Mandala accepted the debt-to-equity proposal.

One of the Airlines major creditors, Lufthansa was among the 37 creditors rejecting the share conversion plan, offering a strategic partnership with Mandala as an alternative. Lufthansa is currently owed around Rp. 89 billion (US$9.9 million).

Mandala ceased operations on January 13, 2011, due to severe cash shortages.

Mandala when in operation was one of only a handful of Indonesian air carriers that managed to fulfill stringent safety certification procedures established by the International Air Transport Association (IATA) which qualified Mandala, together with the national airline Garuda, to fly over and into European air space.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
Plaga Wine
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Solemen Fun Day at Waterbom Park
Solemen Dispenses Smiles and Fun Memories to Some of Baliís Most Downtrodden
(5/1/2016)
Saving the World, One Island at a Time
Lembongan Island Says No to Plastic on Earth Day 2016
(5/1/2016)
An Epitaph Written at Stones
Australian Teen Dies in Bali While Illegally Operating a Motorcycle
(5/1/2016)
Carmen Miranda: Hey, Thatís my Hat!
Balinese Village Build 2.5-Meter High Tower of Fruit as Offering to Monkeys at Alas Kedaton
(5/1/2016)
Be an Idol!
Open Mike Amateur Night for Aspiring Singers with the Bali Community Choir at The Onion, Sanur, Bali on Tuesday, May 17, 2016
(4/30/2016)
Sink and Win!
Emirates Airlines Sponsors Hole in One Extravaganza at Bali National Golf Resort
(4/30/2016)
Rise and Shine in Good Health
E-Series 2, 4 and 8-Kilomter Healthy Run at Pan Pacific Nirwana Bali Sunday, May 22, 2016
(4/30/2016)
Extended Education
Bali Begawan Foundation Provides Educational Opportunities to School Children from Papua
(4/30/2016)
Staying High and Dry
Bali Conduct Successful Test of Shoreline Tsunami Warning System
(4/30/2016)
New Man in Charge at Holiday Inn Resort Bali Benoa
Holiday Inn Resort Bali Benoa Names Franck Rodriguez General Manager
(4/30/2016)
Rules Apply
Tourism Ministry Clarifies Use and Validity of 30-Day Free Visa on Arrival Available to Citizens of 168 Countries
(4/30/2016)
Bali Shark Attack
Rare Shark Attack off Bali's West Coats Send American Surfer to the Hospital
(4/30/2016)
All [News]!