Bain’s $500 million bet on Trans Maldivian Airways crash lands

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TMA is the solo operator for the entire group of islands that together make up the Maldives

Synopsis

The company’s lenders have taken control of the business, invoking underlying securities, after Bain Capital Private Equity and Chinese partner Tempus Group failed to repay a $305 million loan, said people directly involved in the matter.

MUMBAI: Three years ago, when private equity group Bain pipped blue-blooded peers and Asian hospitality companies to sit in the cockpit of Trans Maldivian Airways (TMA), the plan was to cash in on high-end leisure travellers flocking from Asia and Europe to the Indian Ocean archipelago.But the ongoing pandemic and its business repercussions have now literally taken the wind beneath the wings of the world’s largest sea charter operator.The

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