Help for InselAir

WILLEMSTAD–The Council of Ministers’ Steering Group regarding cash-strapped Curaçao carrier InselAir and members of the “Committee of Wise Heads” formed to make recommendations on the issue met with Parliament, which agreed to provide financial assistance.

Due to the huge socio-economic interests involved, Government is temporarily overseeing the airline’s operations with the help of an international interim-manager who is to prepare a stabilisation plan. The company will receive a bridging credit under strict conditions, as called for in a unanimous motion passed by the elected representatives.
InselAir has almost US $100 million from ticket sales in Venezuelan bolivars stuck at the neighbouring country’s foreign exchange agency Cadivi. Management requested a capital injection of more than $15 million to postpone the payment of outstanding taxes and social premiums totalling some NAf. 35 million.

The exact amount to be provided is still to be determined as part of the new plan, but for now the coming month’s expenses will be covered with an advance. The search for a strategic partner must also begin in the next six to nine months, to then be completed within a year.

Source: The Daily Herald