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Mandala Airlines to resume services by end of 2011

4-Jul-2011 1:59 PM

Mandala Airlines expects to resume operations this year after being acquired by Saratoga Capital and Tiger Airways (The Jakarta Post, 04-Jul-2011). “We are undergoing a due diligence and targeting to fly again this year,” Saratoga Capital investment manager Devin Wirawan said. Separately, Saratoga Group cofounder Sandiaga Uno stated there had been good progress in Mandala’s acquisition. "The transaction’s progress has been good. We hope to finalize it soon,” he said. In May-2011, Saratoga Group acquired 51% of the airline’s shares, while Tiger Airways acquired 33%. Other creditors, through a debt-to-equity swap, hold the remaining 16%. Tiger stated that the restructured Mandala’s operation would use A320 aircraft and be based on Tiger’s business plan.