New lease of life for Lebanon freighters?

The carrier was sold for just $1 to Lebanese businessman and small airline operator Mazen Bsat who pledged to settle all of the cargo carrier's $60 million debts and even expand the fleet.

The defunct Trans Mediterranean Airlines, which was founded in 1953, was previously owned by Anque Libano Francaise CEO Arid Raphael, who bought the airline in 1993.

Bsat will also keep TMA’s current staff. The company's fleet was grounded in mid-2005 after Middle East Airlines decided to ferry cargo in its new fleet of Airbuses. This hit TMA’s commercial activities and Raphael decided to suspend all operations.

According to the Daily Star TMA has fewer than 200 staff and five Boeing 707 aircraft parked at Rafik Hariri international airport. The 707s was taken out of service in most countries decades ago which presents challenges to the new owner. The company also has assets including its head office in Beirut, hangars and maintenance equipment at the airport as well as offices in Paris and Rome.

Recruitment will also be an issue for Bsat. Most of TMA's pilots quit the company after the management failed to pay their salaries and settle all their end of service benefits.

The Daily Star quoted ’sources’ who said the new owner hopes to acquire two new planes and add them to the current TMA fleet. It added that Bsat seems to have big plans for TMA, despite the financial situation of the company. Arabic-language newspaper As-Safir also reported that some advisers urged Bsat not to take any risk with TMA because the company would not survive amid heavy competition.

Bsat’s airline (Bsat el-Rih) flies regularly to Iraq. it has five leased aircraft and 80 employees in Lebanon and Iraq.