Antigua’s High Court has granted a petition allowing for the reorganisation of the cash-strapped regional airline, LIAT, the appointment of an administrator as well as staying all proceedings relating to the liquidation of the company.
Senior Counsel Anthony Astaphan confirmed that the High Court in St John’s granted the petition on July 24 as the Gaston Browne administration moves ahead with its efforts to reorganise the airline which owes creditors in excess of EC$100 million (KY$31m).
Browne had disagreed with his fellow shareholder governments, mainly Barbados and St Vincent and the Grenadines, to liquidate the airline, which has been serving the region for decades. Dominica is the other major shareholder government.
According to the new reorganisation plan, Antigua and Barbuda is proposing re-investment of EC$108m (KY$33m) with St. John’s indicating that under the new plan it is prepared to underwrite up to 50 percent of the required capitalisation.
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