Close
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: Mandala Airlines: Cleared for Take Off?
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.


 
UBUD WRITERS & READERS FESTIVAL
 
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
Arresting Drug Development
Denpasar Police Conduct Raids on Suspected Narcotics Dealers
(8/17/2014)
A Day and Night at the Museum
Morning Coffee at The Museum and Charity Dinner – August 30, 2014
(8/17/2014)
Kura Kura: New Local Travel Option in Bali
Bali Introduces New Kura Kura Shuttle Bus System for Tourist Visitors
(8/17/2014)
Bali Prepares to Fight Ebola
Classed as a Worldwide Epidemic by the WHO, Bali Puts Measures in Place to Handle Suspected Ebola Patients
(8/17/2014)
New Road for Tanjung Benoa?
Talks Continue on Construction of a Tanjung Benoa Ring Road in Bali’s South
(8/17/2014)
Leave it to a Professional
Tourism Leaders Call for their Next Minister to be Drawn from Circle of Professional Tourism Practitioners
(8/17/2014)
Mind Your “Qs” and “Pees”
Bali Tourism Transport Drivers Undergo Surprise Urinalysis
(8/17/2014)
Bless our Beasts
Bali Safari & Marine Park Seeks God’s Blessing on ‘Tumpek Kandang’ – a Day Dedicated to Animals
(8/17/2014)
Those in Peril on the Sea
2 Passengers Missing from Sunken Tourist Vessel Near Komodo Island
(8/17/2014)
Konnichiwa and Selamat Datang
Japanese Announce Visa-Free Policy for Indonesian Nationals; Indonesia Taking Steps to Reciprocate
(8/17/2014)
Medical Law and Ethics
World Association on Medical Law to Meet in Nusa Dua , Bali August 22-24, 2014
(8/17/2014)
A Great Notion for a Great Nation
Balidiscovery.com Shares its Thought on 69 Years of Indonesian Nationhood.
(8/17/2014)
All [News]!
 
Tourism and Transport Tourism Agents