Barbados, SVG to sell LIAT shares to Antigua

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The Barbados and St Vincent and the Grenadines governments have agreed to sell their shares in the cash-strapped regional airline, LIAT, to accommodate a new reorganisational plan outlined by Antigua and Barbuda.

Antigua and Barbuda Prime Minister Gaston Browne, in an interview with the Caribbean Media Corporation (CMC) following Monday night’s shareholders meeting, also announced that an agreement had been reached to sell three of the aircrafts that had been acquired with funds provided by the Barbados-based Caribbean Development Bank (CDB).

The other major shareholder government of the Antigua-based airline is Dominica.

“The real substance of the meeting is that we have agreed to sell the three planes that are owned by LIAT and charged to the Caribbean Development Bank, the loans which were actually guaranteed by the shareholder governments,” Browne told CMC.

He said the proceeds from the sale would be “utilised to repay or to reduce the outstanding debt.”

“There was also a decision that St Vincent and the Grenadines and Barbados will turn over their shares in LIAT to Antigua and Barbuda for one EC dollar each. In addition, Antigua and Barbuda will move immediately to appoint the administrator and the administrator will meet with creditors to include the staff to put a plan in place to repay them.

‘This re-organisation obviously will include a significant haircut to all creditors including the staff and the outstanding severance, salaries and wages and in addition the government of Antigua and Barbuda will work along with the administrator to raise additional capital so that the new reorganised LIAT (1974) Limited would have the capacity to operate on a sustainable and profitable basis,” Browne told CMC.

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9 COMMENTS

  1. Compare carefully releases quoting PM –
    Original CNS.
    Dominica CBC & PM Skerritt – who is ensuring DOM will have varied airlift & an international airport is in the works with China.
    This report, based on CMC release.

    Let A&B people not be lost in the smoke and mirrors.

    Where the money coming from?

  2. Another failed experiment. Antiguans have champagne taste with mauby pocket. I can see the top dawg on his knees with our news colonizers the Chinese and the new Allen Stanford begging them. Saying this will save my government with me In office you can take Antigua and Barbuda. Country for sale bring the Jumby money.

  3. The question that needs to asked of the Bandit. Who are all the creditors that LIAT owe and who are share holders and majority owners of these companies?

  4. @ KNIGHT IN SHINING ARMOUR

    KNIGHT does like ANTIGUA / ANTIGUANS . Knight is the most PESSIMISTIC Person in Antigua.
    This Guy criticizes everything that the Government is doing. Knight you are an AWFUL Person. Shame on You.

  5. Thomas A.J. July 21, 2020 at 6:39 pm
    @ KNIGHT IN SHINING ARMOUR
    Knight you DO NOT care about Antigua. You against PROGRESS in Antigua. The blind can see your motive . Knight you have become a POPPY SHOW in Antigua. Antigua is moving in the right direction under Hon. Gaston Browne ( Best Prime Minister ) . You are working very hard for a SENATE appointment but that would NOT happen in our lifetime. You become a LAUGHING STOCK in Antigua. Your UPP cannot produce proper Candidates. That what you you should be focussed on . ABLP will win ALL 17 seats . I would like to see your reaction the night of the election.

    Reply

  6. Liat is an institution that is worth saving. A revamp airline is critical to our economy. The loss of jobs and other spin-offs would be detrimental to antigua. Lets support the PM on this one not blindly like FTS suggest though. LIAT is akin to the west indies team to us.

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