Published On: Mon, Sep 2nd, 2013

DAE’s bankruptcy took many by surprise

DAEWILLEMSTAD – Even though many knew that the local airline Dutch Antilles Express was going to be declared bankrupt, no one expected it to be so soon. No one thought that the court would rule so quick on the petition made by 20 employees. Important stakeholders were still meeting when the company was declared bankrupt. They thought that the court would take time which would give them space to continue working on saving the company.

According to the local media, the stakeholders pledged that they would not discuss the progress of the negotiations with the press.

The meeting on Friday morning came after the development bank Korpodeko filed a lawsuit against Giro Bank for DAE’s funds stuck in Venezuela’s foreign exchange regulator CADIVI. Parties involved with the negotiations were on common grounds on some important issues. They even agreed that Korpodeko would receive a more substantial amount from what was agreed initially. They almost agreed that the case would not go to court if Giro Bank would comply with the agreements set forth in the meeting. According to reports, both parties even contacted the Central Bank to inform them of the decision.

This confirms that no one expected the judge to declare the company bankrupt. Both lawyers expected the judge to take between 5 to 7 days to make a decision. When the court’s ruling became know, one of the banks contacted the curator trying to find and agreement. The bankruptcy changed the whole scenario.

The employees were also surprised by the quick ruling. They had hopes that the parties could reach an agreement to save the company.

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