Acquisition InselAir threatens to go up in smoke

WILLEMSTAD - There is no end to the soap opera around the embattled InselAir. The planned takeover by InterCaribbean Airways is under threat, now that no sufficient guarantees have been provided to secure its financing.

The Court in Curaçao gave InterCaribbean one more chance at the end of December last year to come up with a bank guarantee to substantiate the promised investment of more than eleven million dollars, intended to pay the creditors. The judge did not agree with the credit form and the conditions proposed by InterCaribbean.

In principle, this should mean the definitive end for InselAir, but superintendent Rogier van den Heuvel urged the court not to pronounce bankruptcy immediately.

Instead, InterCaribbean will have until 15 April to sign the unconditional takeover.

 

InselAir has been going through a deep financial crisis trough for years. The airline is plagued by money problems and flight delays and cancelations. An acquisition should ensure that Curaçao and the surrounding islands are assured of flight connections with the region.




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