Published On: Wed, Mar 7th, 2018

Finance package for InselAir making good progress

inselair2WILLEMSTAD - In 2016, Curacao’s local airline, InselAir, ran into financial difficulties due to non-payment from Venezuela, a previously lucrative market. Then in 2017, some of its aircraft were grounded for technical reasons. Today, the airline is flying again but under much-reduced circumstances.

The airline needs working capital. On paper, it has a fleet of five aircraft, Fokker F-50s and F-70s. In actual fact, only two F-50s are operational. If there are any maintenance problems then there are no back-ups and its plans would be thrown into disarray.

The airline is putting together a financial loan package and has approached several banks. Also, it has asked its island government to guarantee a loan of 3.6 million U.S. dollars. Steven Martina, the Minister for Economic Development confirmed that consultations had taken place and are “in a final phase”. He could not be drawn further.

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