U.S. buyout firm Bain Capital-owned Trans Maldivian Airways is struggling to repay a $305-million acquisition loan, as the virus outbreak halts tourism according to media reports.

Black Stone Grouped owned 80% of the shares since 2013 while the minority share was owned by Casa Holdings owned by Champa Hussain Afeef.

Bain bought TMA, the world's largest seaplane operator for over $500 million in 2017, with two partners. Financial Times had reported back then that the buyout was valued at $550 million or MVR 8.4 billion.

Reuters reported that the repayment of the loan has become an issue since the seaplane operator is currently grappling with grounded planes and almost zero revenue amid the COVID-19 pandemic.

Bain has been given an August-end deadline by lenders to settle the loan, they said.

Bain declined to comment. WSE and TMA did not immediately respond to a query for comment.

The Maldives closed its borders to tourists on 27 March as a precautionary measure against COVID-19. While the borders have now been reopened, the government hopes that tourism will quickly start picking up once again and make a positive impact on the economy.