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InterCaribbean will have until 15 January 2019 to save Insel Air

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 will have until 15 January 2019 to save Insel Air

Unread post by bimjim » Mon Dec 31, 2018

WILLEMSTAD

InterCaribbean Airways will have until 15 January 2019 to save the ailing Insel Air. The court in Curaçao ruled that there should be a bank guarantee in two weeks to complete the takeover, on pain of a penalty.

The InterCaribbean, based in the Turks and Caicos Islands, had to provide a bank guarantee in December for a total of more than eleven million dollars to be invested in Insel Air in the coming years. Now that this has not happened, the time for the technically bankrupt Insel Air is running out.

The judge has now given InterCaribbean until January 15, 2019 the time to come up with a bank guarantee, under penalty of a penalty of half a million dollars.

Should the takeover come to an end, Curaçao and the surrounding islands will continue to be insured for regional air transport for the time being. Whether InterCaribbean maintains the name Insel Air is not yet clear. However, after the takeover deal, three Embraer 120s would have to be flown to Curaçao to quickly take over the flights from Insel Air.

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Re: InterCaribbean will have until 15 January 2019 to save Insel Air

Unread post by bimjim » Mon Dec 31, 2018

Tomas's Comment:

As many of you noted on my article of yesterday on Insel Air, for Inter-Caribbean Airways to get get majority of InselAir could be problematic with their BASA, a either ownership or control will NOT be in in the hands of Curacao, and traffic rights can be rejected by other states.

Then there is the whole FAA Category 2 issue for Curacao, sub-part safety standards means no direct flights to the US, a huge market, its why there was a InselAir Aruba, as a Category 1 state, flights can originate their to the US or land in Curacao and continue to the US.
Juts too much political interference and corruption in Curacao, I would not touch it with 15 foot stick, but in the end its up to the competent leadership of Lyndon R. Gardiner, Chairman Trevor Sadler, CEO who have grown the business to decide if its worth it, they have Curacao on its knees, as they have NO other interested party after 2 years, no one!

But maybe they should get their ERJ-145 operational, sitting around for months in the Turks & Caicos waiting on a new AOC in the Dominican Republic? and a well positioned hub in Tortola for flights into Eastern Caribbean, and soon Silver Air (owner of Seaborne Airlines out of SJU) will arrive with ATR-42-600's, and LIAT and Inter-Caribbean will have their hands full.

Anyway, InselAir risks 20 years of hard work as InselAir /Curacao is a high risk investment, that no one one wanted, other than a fake Floridian LLC One Laser Group which had NOTHING to offer, but was chosen as InselAir "strategic" partner?

They are DESPERATE to keep it from Bankruptcy, and there is something within that the Government is afraid of, the 'alleged' $100 million in Venezuela that caused the collapse of InselAir? is really in Venezuela? or in BVI, Cayman Islands? in various IBC's? stinks for sure, but seems no one is investigating possible crime sin Curacao.

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