WILLEMSTAD - InterCaribbean Airways has presented a new proposal for a takeover structure of InselAir International. This is necessary to convince the bank to finance the investment in Curaçao.

The airline has major objections to the current structure whereby the Curacao government has usufruct on 51 percent of the shares. This structure was chosen to secure the InselAir licenses.

“We take 100 percent of the debt for 49 percent control,” said CEO Trevor Sadler. He said that this is a major problem for interCaribbean during a recent lawsuit. InterCaribbean wants to get started quickly on the island, but not in this way. The CEO is pushing for a quick solution, because in the past month and a half, he has seen InselAir's debt rise further. There are also still 130 employees on the payroll instead of 90.

“We have 26 years of experience and fly to 22 cities. All planes are in our possession, not one has been leased. We have also been working with our bank CIBC FirstCaribbean International Bank for 20 years. What we want is that we can complete the necessary due diligence with our bank,” said the InterCaribbean CEO.