Inselair - once biggest airline in the Caribbean – facing bankruptcy

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Web site: http://www.fly-inselair.com/
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Inselair - once biggest airline in the Caribbean – facing bankruptcy

Unread post by bimjim » Tue Feb 26, 2019

https://stmaartennews.com/aviation-news ... ankruptcy/

Inselair - once the biggest airline in the Caribbean – facing bankruptcy
Mon, Feb 25th, 2019

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WILLEMSTAD/PHILIPSBURG

Tuesday, February 26, 2019, is the day for Inselair. Once the biggest airline in the Caribbean, it is certain that the judge in the bankruptcy protection case of Inselair will have no choice but to declare airline company bankrupt.

Rapid growth, un-collectable debts and lack of cash flow have decimated the company and left it with just the one aircraft: a Fokker 70. Hope was resting on a Trinidadian investment company to come to the rescue, but after the Department of Civil Aviation (DCA) in Curacao withdrew the airline company’s Air Operating Certificate (AOC) last week citing safety concerns due to the ongoing technical problems the company was facing, the investor Tilgent Capital Trust has announced this past weekend that they are no longer interested in the ailing Curacao-based aviation company Inselair. This was confirmed by the chairman of trade union UGTK/CADMU, Hensley Muelens, this weekend.

This means that the last possible strategic partner for Inselair is off the table. Chances are that the judge will indeed declare Inselair bankrupt tomorrow, Muelens stated in an interview in Curacao.

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