Mandala Airlines' president director Diono Nurjadin stated: "We want [to resume flights] as soon as possible", after most of its creditors agreed to convert their debt into shares (Macau Daily Times, 28-Feb-2011). Some 304 creditors approved the plan, while 37 others rejected it, in a meeting held in Jakarta recently. The carrier’s debt is up to USD272 million (IDR2.4 trillion), three times as much as the initial estimates, USD90.5 million (IDR800 billion). Mandala will now request the Commercial Court at the Central Jakarta District Court to approve a business plan to restructure the company on 02-Feb-2011, which is the deadline for its 45-day term of debt suspension granted by the court in Jan-2011. A court-appointed administrator, Duma Hutapea said the plan was approved according to the law and “if there is nothing incriminating, Mandala can fly again”. “After that, the restructuring process will continue” and the carrier is already looking for investors. Among the interested are LCNC, a Hong Kong-based aircraft leasing firm, and Jetstar.
28-Feb-2011 11:49 AM