Published On: Fri, Nov 23rd, 2018

Administrator InselAir: Everything is better than nothing

InselAirWILLEMSTAD - Administrator Rogier van den Heuvel is hopeful that the largest creditors of InselAir will agree with the creditors' agreement and takeover of the airline by interCaribbean Airways.

“Everything is better than nothing, post-moratorium creditors receive 100 percent of the debt and many of the creditors are currently still a business partner of InselAir and therefore have an interest in the operation going on."

These are the most important arguments on the basis of which Van den Heuvel draws this conclusion.

According to the opposition party MFK, the deal that was reached is an absolute disgrace. The party says that there are 1200 companies and individuals that still need to receive between 150 and 200 million guilders. Some of these creditors need to receive millions while the government invested more than 50 million guilders in the airline. Now the government will only receive 3081 guilders in 3 months and in nine the creditors will have to divide 18 million guilders. MFK asks what about the money owed to the government, the taxpayers money.

“33.1 million guilders went wasted in the airline and now this bad news that will hit the government and the creditors pretty hard,” says MFK in their press release.

The creditors have to register 80% of the credit given to the airline and then wait 9 years and 3 months to hopefully receive a 20% of the debt. InselAir owes more than 50 million in taxes and the people will only receive 3081. The party says that other business owners can’t do this. The government will seize everything they have.

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