Blackstone aims to regain control of Trans Maldivian Airways after lenders took over the company following Bain Capital’s loan default. TMA reported significant revenue in 2025 and plays a crucial role in ferrying tourists across the Maldives. The industry faces competition between Indian and Chinese tourist markets, with key airport developments underway to boost tourism.
Blackstone is seeking to regain its position within Trans Maldivian Airways (TMA) as lenders exit, following the pandemic’s impact on the travel sector. Bain Capital’s investment plans were derailed when they, alongside Tempus, defaulted on a $305 million loan, resulting in lenders seizing control of the business. A subsequent debt restructuring led to a consortium of new lenders, including Carlyle and King Street Capital Management, acquiring majority control. TMA, which reported $177.9 million in revenue for 2025, is positioned to achieve an EBITDA of $70-80 million as travelers gradually return to the Maldives.
Established in 1993, TMA operates a fleet of 65 DHC-6 Twin Otters, providing essential air transport services to over 80 resorts across the Maldivian archipelago. During the pandemic, TMA transitioned from scheduled flights to on-demand services and is now ferrying over 1 million passengers annually. The company plays a vital role in linking these resorts with Maldives’ international airport, facilitating smooth transfers among the islands.
In 2024, India and China are engaged in a competitive race for dominance in Maldivian tourism. The Maldivian government aims to attract 300,000 Indian tourists in 2025, despite a drop in their ranking from first to sixth place in 2024, attributed to strained relations. On October 7, 2024, Indian Prime Minister Narendra Modi and Maldives President Mohamed Muizzu discussed enhancing bilateral trade and improving air connectivity to bolster tourism.
Simultaneously, China’s tourism resurgence has solidified its status as the Maldives’ leading tourist source, supported by increased flight operations by its national carrier. Indian companies continue to have a significant presence in Maldives aviation, as evidenced by India’s Kalpataru Projects International managing the redevelopment of Hanimaadhoo International Airport. This project aims to enhance connectivity and reduce pressure on Male’s airport facilities, while improvements to Gan International Airport are underway via Indian contractors, contributing to the region’s overall infrastructure development.
In conclusion, TMA’s recovery and prospects for regaining profitability amid competitive pressures from India and China will be pivotal. Blackstone’s attempt to reacquire control reflects the ongoing challenges faced by the aviation sector post-pandemic. Furthermore, the developments in airport infrastructure driven by Indian investments are expected to enhance tourism prospects in the Maldives, fostering economic growth in the region.
Original Source: m.economictimes.com
