The world's largest sea plane operator, Trans Maldivian Airways is struggling to repay a $305-million acquisition loan, New York Times have reported.
TMA has a fleet of 52 sea planes and is currently grappling with grounded planes and almost zero revenue due to the COVID-19 pandemic.
US company Bain Capital, bought TMA for over $500 million in 2017, with two partners. This is the largest single business transaction to have been carried out in the Maldives. Sources say Bain has been given an August-end deadline by lenders to settle the loan borrowed to acquire TMA.
The Maldives closed its borders to tourists on March 27 as a precautionary measure against COVID-19. While the borders have now been reopened, the government hopes tourism will pick up soon and once again contribute to the economy significantly.
