Madagascar Airlines (MD, Antananarivo) has confirmed the extension of CEO Thierry de Bailleul's mandate, ensuring continuity in its transformation under the World Bank-backed "Phenix 2030" strategic plan, the airline said in a statement.
“At the request of the Malagasy State and the Board of Directors, I have agreed to extend my mission... This extension is not about a title or a contract - it is about ensuring continuity in the work already underway, under the stewardship of the board and the government. And just as importantly, it is about making sure that we have the means to secure that continuity," de Bailleul said.
A World Bank financing package of USD65 million has been allocated to support the turnaround plan, with USD25 million already mobilised, and a further USD80 million under negotiation, of which USD40 million is earmarked for the airline and USD40 million for aviation infrastructure.
Key conditions for funding release include the Commercial Court in Antananarivo's approval of Madagascar Airlines' offer submitted on April 18, 2025, to acquire the assets of former company Air Madagascar and its subsidiary Tsaradia (Antananarivo), and the exemption of import duties on aircraft and equipment. Both measures have been approved by the Malagasy authorities but await implementation. The acquisition of assets is in particular designed to bring an end to a current lease-management agreement between the entities.
The airline has five aircraft in service, four ATR72-500s and one ATR72-600, ch-aviation data shows.
The news follows media reports last month suggesting that de Bailleul had left the airline, which the carrier promptly refuted.
