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Game soon over for Dutch Antilles Express?

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Game soon over for Dutch Antilles Express?

Unread post by bimjim » Mon Aug 19, 2013

http://www.ch-aviation.ch/portal/news/2 ... es-express

Game soon over for Dutch Antilles Express?

Dutch Antilles Express (9H, Curacao) is in a major financial troubles according to a report by Antilliaans Dagblad and faces closure as early as this coming week after the government of Curacao has voted against financial aids to the struggling carrier.

According to the airline's controller Heinrich de Windt DAE will run out of funds to operate its services from Monday and employees have yet to be paid their July salaries.

DAE has been banned from operating to Venezuela since May for alleged safety violations and has been blocked from accessing funds from ticket sales in the country. The airline has threatened to sue the country on both matters but has been severely impacted by the ban given the loss of transfer passengers traveling from Venezuela to the Caribbean and United States via Curacao.

DAE currently operates three Fokker 100s, two ATR72-200s and an ATR42-300 and wet-leases MD-83s from Falcon Air Express (6F, Miami Int'l) for US operations.


http://thedailyherald.com/index.php/isl ... ected.html

[Curaçao] Motion to help DAE rejected
~ Votes tied at nine ~


A motion submitted by opposition parties PAR and MAN for the government of Curaçao to explore all possibilities to safeguard the jobs at Dutch Antilles Express (DAE) and sit around the table with the company to restructure the airline "to ensure there is a sustainable solution to, in the short-term, pay the salaries and other standard costs" was rejected.

The vote was actually 9-9 because two of the 11 coalition members and one of the opposition had been absent. However, a tie means the motion is not adopted.

The carrier continues to operate, but, for example, Saturday morning could not use the check-in counters at Hato airport because of debt payment issues with Curaçao Airport Partners (CAP), causing some flight delays. DAE Director Steve Sloop reported that an arrangement was quickly made and service restored.

CAP's Chief Financial Officer (CFO) Gilmar Winklaar confirmed the latter, but added that the situation will have to be further evaluated in the coming days. He explained that should the airline fail to pay landing and/or parking fees, CAP is legally authorised to ground the planes.

DAE had also stopped flying to Bonaire because of a backlog in navigation expenses, but Sloops said an arrangement had also been agreed on in this case and he expected the service to resume soon. The company is now trying hard to get some US $23 million from prior ticket sales in Venezuela released by that country's foreign exchange agency, Cadivi.

International controller of DAE Heinrich de Windt told "Antilliaans Dagblad" that if the Cadivi money doesn't come in today, Monday, it will all be over. "In that case, Nelson Ramiz [DAE consultant and strongman – Ed.] will also withdraw his support."

"We're not getting any more money from development bank Korpodeko, government won't put a cent in DAE, there is no money for jet fuel and the public no longer has confidence to buy tickets, so there is no income to pay landing fees."


https://thedailyherald.com/index.php/is ... count.html

[Curaçao] Girobank puts lien on DAE’s account
Monday, 12 August 2013


Girobank placed an attachment on the bank account of Dutch Antilles Express (DAE). The commercial bank reportedly invested 30 million guilders in the troubled Curaçao airline.

DAE consultant Nelson Ramiz informed personnel of the lien in a memo. Apparently it is regarding the company's account with RBC. The memo says DAE suffered damages totalling US $16 million because of the decision by Venezuela's aviation authority INAC to stop the local carrier's flights to the neighbouring country, while Venezuela's foreign exchange agency CADIVI had frozen the receipts from prior ticket sales there.

Ramiz said the attachment makes it necessary to discuss the future with suppliers and financiers that have up to now supported the airline, including development bank Korpodeko.

At the end of last week attorney David Kock had sent a letter to other Dutch Caribbean law firms asking if any more creditors would support a bankruptcy request for DAE. However, according to Kock, an arrangement was since made with the airline on behalf of his client.

He would not say whether this client is Princess Juliana International Airport (PJIA) SXM, which recently stated it could no longer do business with DAE because of the latter's failure to meet earlier commitments on the payment of its debt to SXM Airport.

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