Indonesia's Mandala Airlines cleared to fly again
Indonesian carrier PT Mandala Airlines has been cleared to fly after being grounded for a year due to massive debt, its second-biggest shareholder Tiger Airways said Tuesday.
"Tiger Airways Holdings Limited is pleased to announce that PT Mandala Airlines' Air Operator's Certificate has been reactivated by the Indonesian Director General of Air Communications," the Singapore budget carrier said.
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"Information regarding the number of aircraft, the initial routes and destinations for Mandala will be announced soon. The resumption of flights is scheduled for April 2012."
Mandala Airlines' clearance to fly culminated a year of financial restructuring after the carrier was grounded in January 2011 due to its enormous debt.
As a result of the restructuring, Indonesian investment company Saratoga Group holds a majority 51.3 percent stake, with Singapore budget carrier Tiger Airways owning 33.0 percent through wholly-owned subsidiary Roar Aviation Pte Ltd.
The remaining 15.7 percent stake will be held by Mandala's previous shareholders and creditors.
Mandala Airlines -- which was owned by the Indonesian military until 2006 when private investors took over -- will adopt Tiger Airways' low-cost carrier model and will use Airbus A320 aircraft in its fleet.
It aims to fly within Indonesia and to international destinations within a five-hour flying radius.
Â© 2012 AFP
Source : AFP