Citra Marga Nusaphala Persada, a private toll road operator, has offered to buy control of Merpati Nusantara, a state- owned airline operator in Indonesia, for Rp 800 billion ($82 million). The attraction for Citra Marga is that the company could synergize air transportation business with its toll road business. Merpati owes Rp 6 trillion in debt that will be due for repayment in June 2013. This deal will involve swapping with the airline equity, with each creditor getting the airline’s shares in proportion to its receivable in Merpati.
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