Blackstone seeks to regain control of Trans Maldivian Airways as ownership shifts following Bain Capital’s loan default. TMA, recovering post-pandemic with substantial revenue, plays a crucial role in Maldives tourism, connecting resorts. Infrastructure projects funded by India aim to enhance the region’s connectivity amidst rising competition from Indian and Chinese tourists.
Blackstone aims to regain control of Trans Maldivian Airways (TMA) following a substantial shift in ownership that ensued after Bain Capital and Tempus defaulted on a $305 million loan. The lenders, including Carlyle, King Street Capital Management, and Davidson Kempner Capital Management, have since restructured the debt, seizing majority control of TMA. Initial financing from Deutsche Bank, Nomura, and HSBC gave way to hedge funds, which have now initiated the process for a potential sale as leisure travel begins to recover.
Despite setbacks due to the pandemic, TMA has demonstrated resilience. According to data from Rocket Reach, TMA’s annual revenue reached $177.9 million in 2025, with an estimated EBITDA of $70-80 million. The firm operates a robust fleet of 65 DHC-6 Twin Otters, facilitating over 400 flights daily to 80 world-class resorts across the Maldives, essential for connecting tourists to this idyllic destination.
Historically, TMA served as the exclusive transport link for more than a million annual passengers visiting various resorts. However, during the pandemic, the company transitioned from scheduled flights to an on-demand service model, as travel restrictions hampered operations. Prior to the pandemic, TMA catered to roughly one million passengers through 120,000 flights.
The competitive landscape of Maldivian tourism continues to evolve, particularly between India and China. Although India’s inbound tourists were projected to reach 300,000 by 2025, relationships between the two nations have soured. Conversely, Chinese tourism is rebounding robustly, augmenting its status as the leading source market for visitors to the Maldives.
Moreover, significant investments are underway to upgrade airport infrastructure in the Maldives. Projects like the redevelopment of Hanimaadhoo International Airport are being undertaken by India’s Kalpataru Projects International Limited, and Gan International Airport will undergo renovations by Renatus Projects Pvt Ltd. These enhancements, funded through Indian financial assistance, will alleviate strain on existing airport facilities and improve the region’s connectivity.
In summary, Blackstone’s interest in TMA highlights the evolving dynamics within the Maldivian tourism sector, particularly in light of recent ownership changes following the pandemic. With TMA’s restructuring and continued investment in aviation infrastructure, the outlook for restoring and enhancing travel to the Maldives appears promising, despite rising competition from both India and China. The commitment to improve connectivity is also significant for boosting tourism in the coming years.
Original Source: m.economictimes.com
