Published On: Wed, Dec 19th, 2018

D-Day for InselAir

InterCaribbeanWILLEMSTAD - InterCaribbean Airways did not comply with the with was agreed upon last month. The airline had to present the required bank guarantee in connection with the acquisition of InselAir International.

Yesterday it was formally the last day. InterCaribbean Airways agreed that they would make an amount of approximately 20 million guilders available for the benefit of the creditors for the coming years. A bank guarantee had to be submitted for this, which did not happen until yesterday.

In the suspension of payment of Inselair, the court has decided that a meeting will take place in the town hall this afternoon at 3.30 pm.

Security for compliance is a condition for the judicial approval of the agreement. At the session this afternoon representatives of InselAir and buyer InterCaribbean will be heard, as superintendent Rogier van den Heuvel reported to the court.

InterCaribbean today has a last chance to present the required bank guarantee. It must reportedly come from CIBC Bank (Bahamas). InterCaribbean Airways would have been given 'second thoughts', especially in connection with the legally permitted structure whereby the Curaçao retains 51 percent of the usufruct, although the government is prepared to make firm supplementary agreements on voting rights and other matters.

 

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