[InselAir] InterCaribbean wants more influence

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Web site: http://www.intercaribbean.com/
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bimjim
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[InselAir] InterCaribbean wants more influence

Unread post by bimjim » Fri Dec 28, 2018

https://www.curacaochronicle.com/post/N ... influence/

[InselAir] InterCaribbean wants more influence
Dec. 27, 2018

WILLEMSTAD

InterCaribbean Airways has presented a new proposal for a takeover structure of InselAir International. This is necessary to convince the bank to finance the investment in Curaçao.

The airline has major objections to the current structure whereby the Curacao government has usufruct on 51 percent of the shares. This structure was chosen to secure the InselAir licenses.

“We take 100 percent of the debt for 49 percent control,” said CEO Trevor Sadler. He said that this is a major problem for interCaribbean during a recent lawsuit. InterCaribbean wants to get started quickly on the island, but not in this way. The CEO is pushing for a quick solution, because in the past month and a half, he has seen InselAir's debt rise further. There are also still 130 employees on the payroll instead of 90.

“We have 26 years of experience and fly to 22 cities. All planes are in our possession, not one has been leased. We have also been working with our bank CIBC FirstCaribbean International Bank for 20 years. What we want is that we can complete the necessary due diligence with our bank,” said the InterCaribbean CEO.

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Re: [InselAir] InterCaribbean wants more influence

Unread post by bimjim » Sun Dec 30, 2018

Tomas Chlumecky "Aviation Doctor"
Dec. 29, 2018

Don't do it, CEO Trevor Sadler of InterCaribbean is trying to change the terms and conditions at the last minute to get CIBC FirstCaribbean International Bank to finance the InselAir deal, but it could be its Achilles heel, after 20 years of steady growth.

Mergers and acquisitions usually do not work outside of the US and Europe, and InselAir is a troubled airline that no one was interested in, even Avianca walked away, trust the big players on this, if they walk, inter-Caribbean should have ran away a long time ago.

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