Blackstone is poised to reclaim control of Trans Maldivian Airways following Bain Capital’s loan default. A new lender consortium now manages operations after debt restructuring. TMA, with an annual revenue of $177.9 million, connects resorts via its seaplane fleet. The Maldives’ tourism landscape is shifting with India and China competing for visitors, while major airport upgrades are underway to enhance connectivity.
Blackstone is set to regain control of Trans Maldivian Airways (TMA) as its lenders prepare to exit. Bain Capital’s investment faced challenges during the pandemic, leading to a loan default of $305 million, which prompted lenders to take control. A new consortium, including Carlyle, King Street Capital Management, and Davidson Kempner, has since restructured the debt and taken operational control. Initially financed by Deutsche Bank and other commercial banks, the opportunity for sale emerged after leisure tourism began to recover in the Maldives.
Trans Maldivian Airways reportedly generated an annual revenue of $177.9 million in 2025, with an EBITDA of $70-80 million expected. The company operates a fleet of 65 DHC-6 Twin Otter seaplanes, connecting over 80 resorts across the Maldives. TMA’s exclusive partnership facilitates over a million passenger transfers annually, emphasizing its role in the Maldivian travel and hospitality sector.
During the pandemic, TMA halted scheduled flights and pivoted to on-demand services, which saw a reduction in passenger numbers. However, the company previously accommodated nearly a million tourists annually via 120,000 flights. The key airport services involve ferrying passengers from Malé International Airport to various resorts spread across the nation’s extensive coral islands.
Tourism dynamics are shifting as India and China vie for the top spot in Maldives tourism. In 2025, the Maldives government aims to attract 300,000 Indian tourists, recovering from a drop in rankings amidst strained relations. Recent diplomatic discussions focused on enhancing airport infrastructure and air connectivity to promote tourism and investment in the region.
China’s tourism rebound has reinforced its position as the leading market for Maldives, aided by the expansion of its national carrier. Indian enterprises significantly influence the Maldivian aviation sector; major redevelopment projects are underway at Hanimaadhoo and Gan airports, funded through Indian financial assistance. These upgrades are expected to elevate tourism by improving connectivity and increasing airport capacity while addressing the congestion at Male’s airport facilities.
GMR, previously involved with Male Airport, faced dispute issues that led to the airport’s re-acquisition by local authorities, highlighting the complexities of airport management in the region. The eventual completion of these projects is anticipated by March 2025, vastly enhancing the travel infrastructure in the Maldives.
Blackstone’s potential re-entry into Trans Maldivian Airways underscores significant shifts in the aviation and tourism sector post-pandemic. With Bain Capital’s prior struggles and lenders regrouping, new investment from a consortium signals renewed confidence. The Maldivian business environment is evolving, especially with competitive advancements in tourism from India and China, coupled with ongoing airport infrastructure enhancements. Such developments will be crucial for the Maldivian economy as it strives for recovery and growth in the tourism domain.
Original Source: m.economictimes.com
