Trans Maldivian Airways finalized a restructuring with new owners Carlyle, King Street and Davidson Kempner.
Trans Maldivian Airways (TMA) finalized a restructuring with new owners Carlyle, King Street Capital Management (King Street) and Davidson Kempner Capital Management LP (Davidson Kempner). The transaction, approved by TMA’s former equity owners, is intended to help provide a strong foundation for strategic business growth.
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The transaction is targeted at helping return the firm to solid financial footing and paving the way for TMA to focus on enhancing its world-class seaplane operations as it expands its key role in facilitating tourism and supporting jobs in the Maldives.
Carlyle’s Global Credit platform led the restructuring, alongside King Street and Davidson Kempner, and funds affiliated with Carlyle have become TMA’s majority owner. A newly reconstituted Board of Directors will include Lars Erik Nielsen, one of TMA’s founders, and representatives from the new owners and other industry experts. TMA management will remain the same. Financial details were not disclosed.
TMA is an operationally strong business with an experienced management team and clear competitive advantages. We are pleased to provide the strategic capital and expertise the company needs to return to growth. As vaccines continue to be rolled out globally, we expect travel to return to pre-pandemic levels in the Maldives, which remains one of most attractive vacation destinations in the world.
Christian Schmitz, Managing Director, Carlyle Global Credit.
This transaction marks the beginning of a new chapter for TMA. We look forward to the support of our new owners as we ramp up business and continue providing the world-class service our customers have come to expect. As we do that, the health and safety of our customers and employees remain fundamentally important to both management and our new shareholders and we will continue to follow our industry-leading protocols to ensure the welfare of those involved in TMA’s operations.
A.U.M. Fawzy, CEO of TMA,
Our deep experience working with aviation companies positions us well to work alongside our partners at Carlyle and Davidson Kempner as we help lead the company to a strong recovery and its next growth stage.
Zachary Lewis, Managing Director at King Street.
Clifford Chance served as legal advisor to the senior lenders and FTI Consulting, who acted as Receivers to TMA’s holding company.
Located in the tranquil setting of Feydhoo Finolhu in North Malé Atoll, dusitD2 Feydhoo Maldives offers a serene retreat just minutes away from Velana International Airport by speedboat. Designed around an all-inclusive concept, this new resort promises a seamless and worry-free experience from the moment guests set foot on the island, with every aspect of their stay meticulously handled for a truly luxurious getaway.
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A Strong Focus on Maldivian Talent
As dusitD2 Feydhoo Maldives prepares for its much-anticipated launch in July 2025, the resort introduces a powerhouse leadership team ready to redefine hospitality. Moreover, the resort places a strong emphasis on developing Maldivian talent, proudly highlighting experienced local professionals in senior roles. With a focus on fostering the next generation of hospitality experts, dusitD2 Feydhoo Maldives aims to showcase Maldivian skill on an international stage.
Jean-Louis Ripoche, the Area General Manager, expressed his excitement about the new team:
“Our team is built on passion, innovation, and a shared vision to push boundaries in luxury hospitality. We’re creating an experience that’s bold, effortless, and truly unforgettable. I’m incredibly proud to be part of this journey with such a dynamic team.”
This core group, affectionately called “The Mavericks” within the resort, is composed of visionary leaders determined to revolutionize hospitality in the Maldives, ensuring guests enjoy unparalleled, seamless experiences.
Meet the Mavericks: The Visionary Leaders Driving Change
Jean-Louis Ripoche – Area General Manager, Maldives
Leading the operations at both Dusit Thani Maldives and dusitD2 Feydhoo Maldives, Jean-Louis Ripoche brings a wealth of luxury hospitality expertise. Furthermore, his career includes prominent roles at Marriott Maldives, and his deep industry insight and innovative outlook are driving both resorts toward new standards of excellence. Ripoche aims to elevate the guest experience at dusitD2 Feydhoo Maldives, crafting an energetic and modern approach to luxury, setting it apart in the Maldivian hospitality market.
Yogeswaran Veerasamy – General Manager, dusitD2 Feydhoo Maldives
At the helm of dusitD2 Feydhoo Maldives is General Manager Yogeswaran Veerasamy, a hospitality veteran with close to 30 years of experience. Originally from Malaysia, Yogeswaran has successfully overseen the launch of nine luxury properties and led major refurbishment projects. His portfolio includes top-tier names such as The Raffles Resort Maldives, Conrad Manila, and Avani Sepang Goldcoast Resort. His forward-thinking leadership is steering dusitD2 Feydhoo Maldives to become a leading destination, offering guests an all-inclusive and extraordinary stay.
Ibrahim Rashvan – Executive Assistant Manager, Food & Beverage
With over two decades of experience in luxury hospitality, Ibrahim Rashvan has worked with some of the industry’s top brands, including Marriott, Accor, and Six Senses. His career spans multiple countries, from the Maldives to Oman and the UAE, where he has developed a reputation for crafting personalized dining experiences. As the leader of dusitD2 Feydhoo Maldives’ food and beverage team, Rashvan is set to enhance the resort’s culinary offerings, ensuring guests are treated to memorable and exceptional meals.
Chef Mohamed Adil – Executive Chef
Chef Mohamed Adil is a trailblazer in Maldivian cuisine, known for being one of the first Maldivian chefs to head the culinary team of a pre-opening resort. With 14 years of experience across renowned brands like Four Seasons, Vakkaru Maldives, and Hilton Jeddah, Chef Adil has earned the Best Maldivian Chef title three times. Therefore, his dedication to showcasing Maldivian culinary traditions, paired with his innovative approach, guarantees an unforgettable dining experience at dusitD2 Feydhoo Maldives.
Mohamed Mauroof – Cluster Director of Human Resources
With 18 years of experience in HR and a deep connection to his Maldivian roots, Mohamed Mauroof has been integral to Dusit Thani Maldives since 2012. Having steadily advanced within the organization, he now leads human resources for both Dusit Thani Maldives and dusitD2 Feydhoo Maldives. Mauroof’s leadership plays a vital role in attracting top-tier talent while fostering a work environment that ensures employee satisfaction, ultimately enhancing the guest experience across both resorts.
Rifaa Ath Saeed – Cluster Director of Sales & Marketing
Rifaa Ath Saeed is a driving force behind the marketing and sales strategies at both Dusit Thani Maldives and dusitD2 Feydhoo Maldives. After rejoining Dusit Thani Maldives in 2024, she quickly took on the responsibility of overseeing both resorts. With over 18 years in hospitality sales and marketing, Rifaa has previously led successful campaigns at prestigious resorts like W Retreat & Spa Maldives and Kandima Maldives. Her expertise is crucial in positioning dusitD2 Feydhoo Maldives as a standout destination in the Maldives, ensuring it thrives in an increasingly competitive market.
Babu Sathar – Cluster Director of Revenue
Babu Sathar is a skilled revenue management professional with more than ten years of experience at Dusit Hotels & Resorts. He oversees revenue optimization for both Dusit Thani Maldives and dusitD2 Feydhoo Maldives, using a data-driven approach to maximize profitability. His strong leadership and focus on both financial success and guest satisfaction make him a key player in the resorts’ continued growth and success.
Aruna Bandaranayake – Director of Engineering
Aruna Bandaranayake brings over a decade of engineering expertise to his role, having contributed to several significant Dusit projects such as Dusit Thani Maldives and Dusit Thani Nepal. He plays a critical role at dusitD2 Feydhoo Maldives, overseeing the integration of cutting-edge architecture and sustainability practices. Aruna’s commitment to eco-friendly innovations ensures the resort aligns with modern standards of environmental responsibility and technological advancement.
A Vision for Excellence
Yogeswaran Veerasamy, the General Manager, emphasizes that success starts with the right people:
“At dusitD2 Feydhoo Maldives, we’ve brought together a dream team—each an expert in their field—to craft an experience that feels fresh, exciting, and seamless. Our goal is to set a new benchmark in hospitality where guests can truly experience more and worry less.”
dusitD2 Feydhoo Maldives is set to transform the hospitality scene in the Maldives, with a visionary leadership team and groundbreaking ideas that promise to elevate luxury experiences. As the resort prepares for its much-awaited debut in July 2025, it will offer a remarkable all-inclusive getaway designed to captivate travelers seeking unparalleled relaxation and indulgence.
