Browne, who has been against any plans to liquidate LIAT (1974) Limited, said interests are being shown in the airline by investors, some as far away as Africa.
“There is one entity that has offered I believe US$25 million investment for 51 per cent of the shares. There is another airline, a regional airline that offered to invest about US$25 million…for about 60 per cent of the shares in LIAT and there are at least three governments who have shown some interest in investing in LIAT.
“So there are some prospects that the administrator is pursuing and we believe that ultimately on the basis that the administrator is successful in getting the cooperation of creditors LIAT will be reorganised and be back in the air and take its pole position,” Browne said.
Last month, Browne told the Caribbean Media Corporation (CMC) that a decision had been taken that would allow St Vincent and the Grenadines and Barbados to turn over their shares in LIAT to Antigua and Barbuda for one EC dollar (One EC dollar=US$0.37 cents) each.
The other shareholder- Dominica- has said it supports the efforts to re-organise LIAT, even as it provides licences to other carriers to serve the island.
According to the new reorganisational plan, a copy of which has been obtained by the CMC, Antigua and Barbuda is proposing re-investment of EC$108 million with St John’s indicating that under the new plan it is prepared to underwrite up to 50 per cent of the required capitalisation.
“The new capital invested during reorganisation will be protected, in that it will rank in priority above all other creditors in the unlikely event of liquidation,” it said, noting that the remaining EC$54 million to be shared by other private and public sector entities, including existing shareholder governments.
Browne said investors from as far as Africa have expressed an interest in the reorganised LIAT.
“One of the entities that approached us as well to invest in LIAT is an entity out of Africa that has an airline and they want to offer trans-Atlantic links between Antigua and West Africa.
“So the issue is whether or not we go as far as selling outside of the Caribbean. Again that may be a difficult proposition in the sense that it is a Caribbean airline (and) we would rather prefer having the ownership Caribbean, but again if the other deals fall through and we have to look at extra-regional ownership, then certainly we will have to do that.
“But the whole objective here is to get LIAT back up and running,” he said, noting that while the airline is now “on life support” St John’s does not regard allowing it to “die” as an option.
“Whereas LIAT is on life support as far as we are concerned…what is required is reorganisation and to bring LIAT back to good health and so far some progress has been made, but the situation remains somewhat tenuous (and) again all depends on the negotiations, how successful the negotiations with our creditors go and that will determine whether or not we will be able to reorganise it,” Browne said.
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This is good news. Even Mother Africa coming to our rescue. Forward Ever!
Some thing is telling me Browne is full of IT i think it’s time for him to take a laxative the more he talking the more he sounds like a drowning man catching at straws why don’t he go on that radio station and tell people how are they going get back them money from liat.who can blame Dominica for shoring up areas for they people to travel they can’t wait on liat to come back like Lazarus or rise like the Phoenix from the ashes.
I had to choke on that headline! This art of work can’t be serious!
I know some things are hard to believe until you see it. But I’m glad you didn’t choke to death so you can live to see it come to fruition
“US$25 million investment for 51% of the shares and a regional airline offering invest about US$25 million for about 60%”. How that works? Seems like LIAT going down the same road again.
PM “St John’s does not regard allowing it (liat) to “die” as an option.”
SO
Is the Administrator, Mr. Seaforth, truly an independent technician, appointed by the Court, to prepare an unbiased assessment & possibly potential plan for this failed Liat business?
Does ‘St Johns’ have the available CASH to spend AFTER it has delivered 24/7 potable water to all homes? 24/7 consistent electricity to all homes? 24/7 consistent hi speed internet to all homes?
Education / Healthcare (inc. hospital in Barbuda) / Pensions / MBS / Emergency Services / Agriculture / Law & Order / Tourism support & marketing / Roads & public buildings / Transportation / Gender Affairs / civil service pay / and a 6-month prudent reserve ???
Just wondering
Just wait and see. He’ll do it again
Chuppssss for some reason Gaston really want this airline .. the country and the entire Caribbean is over LIAT …they have been in business since 1974 and bankrupt and needed saving since 1984.. lay them to rest … PLEASE
Going forward, whoever is currently in the govt needs to start showing all us citizens everything. Nothing but total transparency so we are completely in the know of what is going on with our country and let us, the people decide. Govt ministers, regardless of party, only abuse their positions for their selfish personal gratification. Only then can we as a nation truly move forward and stop being pulled down by our so called “leaders”.
AFRICA YOU SAY!!!!! Interesting! Just like China is good at making fake goods so is Africa good at making fake promises.
Sorry China is a country, Africa is a continent. Consisting of many countries
Africa? Mamaguising nation if people.
I guess Europe and North America are not deceitful. Check your history and you will learn which nations where the most deceitful.
The reason why they had so many wars and slavery.
He’s talking about the Nigerians looking alternative passports. The USA has them on a visa restriction. Think CIP program. Follow the money trail…..
Africa is not a Country.Africa is a Continent the last time I checked.There are over 50 Countries in Africa.So Gaston Browne,be more specific.Which Country in Africa is interested in Investing into LIAT.Come clean and not give us bull dung information.Why none of your fellow Caribbean leaders would want to invest into LIAT.
It’s time for liat to be back in operation . The Caribbean regions are suffering ,Caribbean airlines, inter caribbean airway, Air Antilles ,one Caribbean and svg air cannot cover liat routes. People cannot get a trip from st. Croix to st.lucia ,or st.lucia to st.maarten or to tortilla. Only liat covering those routes
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