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[Barbados, REDjet] Green light

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[Barbados, REDjet] Green light

Unread post by bimjim » Tue Jun 12, 2012

http://news.barbadostoday.bb/barticlene ... icle=17665

[Barbados, REDjet] Green light
12 June, 2012

Bankrupt airline REDjet today received the court’s green light to fly its last plane out of Barbados to raise much needed cash, as pressure mounted from creditors owed millions of dollars by the carrier.

But as legal representatives for Airone Ventures Limited (REDjet) trustee, Dr. Grenville Phillips, got the court to overturn a two-day-old injunction against the aircraft’s departure, it emerged that while Grantley Adams International Airport Inc. had sought to halt the flight civil aviation authorities had given its management permission to move the plane out of the island. The matter was heard by Mr. Justice Randall Worrell.

Additionally attorney-at-law Anthony Audain, who is representing the trustee, told Barbados TODAY creditors would be contacted today and updated on the REDjet situation.

“I went to court this morning and got the injunction discharged. Grantley Adams International Airport had gotten an injunction late on Saturday night so I got it discharged,” he said.

“The creditors need not fear that there is anything sinister about the aircraft being taken overseas because that is the best opportunity to realise the maximum amount of cash for them,” he stated.

“The company had to get permission from the Civil Aviation Authority to fly the aircraft out of Barbados anyway, it’s not something that you can do underhanded.

“They had to get something called a ferry permit to take the aircraft out of the island so it’s all above board, but I can understand a creditor being nervous, but really it is in their best interests that this be done and in the interest of the same Grantley Adams International Airport which sought to stop it,” he asserted.

Audain said the REDjet plane was scheduled to leave the island by noon today after the injunction was lifted and that additional steps would now be taken to assure people owed money they would received what was due to them.

“The trustee is to make sure that everything is done in an orderly fashion to realise funds so as to pay off the creditors, including the sale of equipment, precisely what REDjet is seeking to do now, sell spare parts and machinery so as to raise cash to pay creditors, including Grantley Adams International Airport,” he noted.

“Once you have been owed $250 or more any funds that the trustee realises, or that the company realises is from its efforts to raise cash will be paid in the priorities identified by the act to those creditors.

“The next steps are that some time today the creditors will all be formally notified of the action that we have taken and then within the next five days or so the company’s cash flow statements will be filed with Supervisor of Insolvency and within 30 days from the fifth of June the company will make a proposal to its creditors about how it intends to pay off the debts,” he explained.

Audain added that “if for any reason the proposal isn’t ready on the 30 days then the company will approach the court to get an extension of time”.

“The document that is being sent out to creditors identifies what is owed to everyone, and then the next crucial step is to come up with a proposal which the creditors will have an opportunity to vote on at the creditors meeting, the similar procedure that we did with Trimart, it’s going to be a similar procedure and it’s all transparent and exposed to daylight,” he said.

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