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 · Merpati Takeover Imminent?
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

Merpati Takeover Imminent?

Setiawan Djody Moves Closer to the Reins at Troubled Merpati.


Bali News:
Click Image to Enlarge

(5/27/2002)

The English language Jakarta Post reports that flamboyant Indonesian businessman Setiawan Djody has prepared a financial package of between US$300 to $500 million that, if approved by the Government, will make him the majority owner of Merpati Nusantara Airline (MZ).

By way of a consortium comprised of the Djody-owned company PT Setdco working in collaboration with unnamed Canadian and Australian financial institutions, the deal will come to the rescue of the state-owned airline which is in technical default of a Rp. 331 billion debt owed to the Indonesian Bank Restructuring Agency (IBRA) that fell due on April 11.

Ailing financially since 1998, MZ has grounded its fleet of Indonesian-manufactured CN-235 aircraft included in a balance sheet of other aircraft and assets with an estimated value of Rp. 900 billion.

Despite a widespread perception in the airline industry that MZ is badly over-staffed and inefficient in its operations, Setiawan has publicly vowed that he will not reduce rank and file staff or change the senior management structure of the airline should his bid for a takeover be successful.

Setdco's offer, which will pump equity into the airline and assume its debt burden, must first receive the approval of the Ministry for State-Owned Enterprises. Whether or not the deal will allow Setdco to benefit from a promised Rp. 230 billion "haircut" from its Rp. 330 billion debt promised by IBRA to MZ remains unclear.

MZ, the former Garuda Indonesia subsidiary, operates a number of domestic and regional routes with heavy emphasis on eastern Indonesia.



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

       

 
 
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
Sandalwood and Jasmine under SailSensation
SailSensation Launches Thrice-Weekly Indian Themed Dinner Cruises
(3/2/2015)
Women Transforming the World from Bali
International Women’s Conference to Be Held in Nusa Dua April 5-6, 2015
(3/1/2015)
The Importance of Lighting Rods
West Bali Man Suffers Burn After Lightning Strike While Urinating Under a Coconut Tree.
(3/1/2015)
Pay More at the Door
Bali Plans to Charge Foreign Visitors More When Visiting Provincial Tourism Objects
(3/1/2015)
Less Time in Lines at Bali’s Airport
Bali Airport Adding 4 More VOA Desks to Speed Processing Time on Arrival
(3/1/2015)
Bali’s Fading Identity
Bali Investors Accused of Giving Short Shrift to Balinese Architectural Finishes, Cultural Values and Environmental Sustainability.
(3/1/2015)
Life’s a Breeze in Nusa Dua
Ritz-Carlton Bali Hosts Industry and Media to Beachside Cocktails
(3/2/2015)
Allowing Bali to Compete Internationally
Ngurah Rai International Moves Up Dramatically in Rankings of the World’s Airport to Number 60
(3/1/2015)
A Bachelor’s Party in Paradise
ABC Television Episode of ‘The Bachelor’ Features Romance at The Mulia Resort and Villas in Bali
(3/1/2015)
Leave Your Valuables at Home
Tourism Industry Asked to Warn Bali Visitors of US$250 Value Limit on Personal Items
(3/1/2015)
Teaching the Rules of the Road
Bali Opens a ‘Traffic Park’ to Teach the Public How to Drive Safely
(3/1/2015)
Women in Love
‘Women in Love’ Solo Exhibition by Teguh Ritma Iman at Ganesha Gallery in Bali March 10 – May 14, 2015
(3/1/2015)
All [News]!