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Longer wait on REDjet plan

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Started out in 2010 as Project named Air One
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Longer wait on REDjet plan

Unread post by bimjim » Tue Jul 24, 2012

http://www.nationnews.com/articles/view ... djet-plan/

Longer wait on REDjet plan
TUE, JULY 24, 2012

INDIVIDUALS AND COMPANIES owed by insolvent airline REDjet will have to wait a little longer to hear how the company plans to settle its debt.

That’s because the court has given the company and trustee Grenville W. Phillips additional time to come up with a proposal to pay those creditors.

When REDjet filed for insolvency on June 5, it was given a statutory 30-day stay of proceedings that prevented creditors from going to court – during that period – to seek payment.

Attorney at law for the trustee, Anthony Audain, told the DAILY NATION yesterday that High Court Justice Olson Alleyne had granted the airline a 45-day extension at a July 16 court appearance.

“The court was satisfied that it was in the interest of everyone involved to give the company more time to complete the proposal,” he said. “I am confident that can happen within the 45-day period.”

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