{"id":118306,"date":"2020-10-11T18:30:43","date_gmt":"2020-10-11T22:30:43","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=118306"},"modified":"2020-10-11T18:30:43","modified_gmt":"2020-10-11T22:30:43","slug":"antigua-first-to-be-repaid-if-new-liat-does-not-work-out","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-first-to-be-repaid-if-new-liat-does-not-work-out\/","title":{"rendered":"Antigua first to be repaid if new LIAT does not work out"},"content":{"rendered":"
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Prime Minister Gaston Browne has made it clear that Antigua and Barbuda will be the first to be repaid if a new LIAT does not work out.<\/p>

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It was announced in St. John\u2019s last week that it\u2019s almost certain now that the Antigua-based regional carrier will return to the skies, perhaps as early as next month.<\/p>\n

\u201cWhat the Cabinet has decided, while the Administrator is negotiating, we have decided that we will provide the funding so that the Administrator could continue to do LIAT\u2019s work, but we think it would be important for us to support the Administrator putting LIAT back into the air,\u201d\u00a0Browne said.<\/p>

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\u201cI know that there\u2019s a plan that is being developed presently \u2014 it may take another 30 to 45 days to be completed \u2014 so as soon as we get that plan from the Administrator, the government of Antigua and Barbuda has committed to provide funding.<\/p>

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\u201cIn fact the funding that we are providing, we\u2019re doing so as a preferred creditor, not as a shareholder. So, if things do not work out then the government of Antigua and Barbuda will be the first to be repaid. I want to make that abundantly clear.\u201d<\/p>\n

Browne\u2019s administration had borrowed US$15 million to invest in LIAT and he said they have commenced utilizing some of those funds.<\/p>

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\u201cWe\u2019ll make the funds available to assist the [Administrator] in his objective to try and get LIAT back in the air,\u201d Browne said.<\/p>\n

A downsized LIAT<\/h2>\n

Browne said the new LIAT will be a \u201cdownsized\u201d entity, maybe with about four planes.<\/p>

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\u201cNot the LIAT with 10 planes, because there isn\u2019t sufficient demand, and it means too that the amount of people working for LIAT going forward will be significantly reduced,\u201d he said.<\/p>

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\u201cMy understanding is that the Administrator will be terminating all existing contracts and will take on individuals under new contracts in order to operate the airline going forward. So, it will be a very lean and efficient entity and I have to say here that there is no way that we are going to waste taxpayers\u2019 money to fund a bloated institution.\u201d<\/p>\n

Meanwhile, the Antiguan leader said approximately $70 million in debt will be eliminated from the balance sheet of LIAT as a result of debt write-off.<\/p>\n

He said Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines have all agreed to write off debts owed to them by LIAT.<\/p>\n

\u201cThere are some other creditors that the [Administrator Cleveland Seaforth] is trying to get to cooperate as well and he\u2019s presently negotiating with them.\u201d<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Prime Minister Gaston Browne has made it clear that Antigua and Barbuda will be the first to be repaid if a new LIAT does not work out. It was announced in St. John\u2019s last week that it\u2019s almost certain now that the Antigua-based regional carrier will return to the skies, perhaps as early as next […]<\/p>\n","protected":false},"author":3,"featured_media":113764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[118,119,117,116,107,88,102,94,96,91,90,99,92,114,115,98,108,106,104,109,95,105,110,112,113,111,101,103,97],"class_list":["post-118306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-268-antigua","tag-268-antigua-barbuda","tag-268-antigua-today","tag-268-today","tag-advertise-in-antigua","tag-antigua","tag-antigua-barbuda","tag-antigua-and-barbuda","tag-antigua-breaking-news","tag-antigua-caribbean","tag-antigua-crime","tag-antigua-economy-news","tag-antigua-news","tag-antigua-news-rooom","tag-antigua-observer","tag-antigua-politics","tag-antiguan-news","tag-barbuda","tag-barbuda-news","tag-barbudan-news","tag-breaking-news-antigua","tag-news","tag-news-antigua","tag-news-antigua-barbuda","tag-news-antigua-and-barbuda","tag-news-barbuda","tag-news-in-antigua","tag-news-in-barbuda","tag-tourism-news"],"yoast_head":"\nAntigua first to be repaid if new LIAT does not work out - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-first-to-be-repaid-if-new-liat-does-not-work-out\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua first to be repaid if new LIAT does not work out\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Gaston Browne has made it clear that Antigua and Barbuda will be the first to be repaid if a new LIAT does not work out. 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