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InterCaribbean Airways and Insel Air Sign Agreement

News about this airline - please include a link to the source as well as the article text itself.
Web site: http://www.intercaribbean.com/
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bimjim
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InterCaribbean Airways and Insel Air Sign Agreement

Unread post by bimjim » Thu Nov 22, 2018

http://bes-reporter.com/index.php/2018/ ... agreement/

InterCaribbean Airways and Insel Air Sign Agreement
21 November 2018

Willemstad

After a period of intensive negotiations, the shareholders of Insel Air have reached an agreement with InterCaribbean Airways as strategic partner for Insel Air. This has been communicated by the Ministry of Economic Affairs in Willemstad.

InterCaribbean Airways has been interested in Insel Air for some time and have started negotiations since July. This has led to an agreement whereby InterCaribbean Airways will acquire 100% of the shares of Insel Air, while the Government of Curacao will retains the right to the potential proceeds of 51% of the shares.

The process that is now continuing further implies that the prosecutor will submit a debt repayment proposal to the court. This proposal is then available to the creditors, who in turn can agree to this on 4 December or not. If they do not agree, Insel Air will be declared bankrupt. If this proposal is accepted, InterCaribbean Airways will have the task of guaranteeing the continuity of Insel Air and will, in order to further develop Insel Air, make capital and aircraft available.

InterCaribbean Airways is a company that has been established for 26 years in the Turks and Caicos Islands. The company has 20 aircraft and already serves 22 destinations in the Caribbean.

For the operation on Curacao, InterCaribbean Airways will make available 30-seater EMB120 turboprop aircraft, with a seating capacity of 30 seats as well as an ER145 jet aircraft, with a capacity of 50 seats.

Shareholders and creditors

The BES-Reporter understand that the shareholders still have to sign on to the agreement on the table. The agreement would also see a payout of 3000 guilders (about 1700 US Dollars) per creditor. This is only a fraction of the outstanding bill of many creditors.

The Bankruptcy Court-appointed guardian, Rogier van den Heuvel said he feels that this is the best possible offer for the creditors, given the precarious situation of the airline company. In an earlier stage Van den Heuvel dismissed a possible interest from the Miami OneLaser group as “not sufficiently concrete”.

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Agreement between InselAir and InterCaribbean

Unread post by bimjim » Thu Nov 22, 2018

http://curacaochronicle.com/aviation/ag ... caribbean/

Agreement between InselAir and InterCaribbean
Wed, Nov 21st, 2018

WILLEMSTAD

There is an agreement between InterCaribbean Airways and the parties negotiating for the local aviation company InselAir.

InterCaribbean buys the shares of InselAir for 1 dollar each and guarantees the outstanding 11.5 million dollars that InselAir still needs to receive from Venezuela.

Two-thirds of the more than 1200 creditors now have to agree to this. They will then all receive their money up to a maximum of 3000 guilders. Curator Rogier van den Heuvel calls it the best possible deal.

By 4 December, it must be known whether the creditors accept the deal.

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