InselAir Aruba declared bankrupt

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Web site: http://www.fly-inselair.com/
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bimjim
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InselAir Aruba declared bankrupt

Unread post by bimjim » Thu Jun 08, 2017

http://curacaochronicle.com/local/insel ... -bankrupt/

InselAir Aruba declared bankrupt
Thu, Jun 8th, 2017

ORANJESTAD, WILLEMSTAD

The Aruba court has declared the airline InselAir Aruba bankrupt. The court had granted the airline a deferment of payment for a few months and it did not operate flights anymore. There was no chance of selling the airline or restart operations.

InselAir Aruba did not work on a stabilization plan, nor did it take cost-cutting measures. There were no efforts made to start generating income. “Irresponsible to maintain the moratorium even longer,” said the curator.

Mainly due to the crisis in Venezuela, a major destination in the airline’s network, debt accumulated rapidly.

InselAir International itself is also struggling but it has been working on a reform plan for months.

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