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The Prime Minister of Antigua and Barbuda announced over the weekend that the regional carrier LIAT Ltd. Airlines will likely face liquidation in 2020. The Prime Minister said there will be a meeting of all shareholders shortly to discuss collapsing LIAT. Rick holds an FAA Airframe & Powerplant (A&P) and a FCC General RadioTelephone Licenses. On Saturday, the Prime Minister of Antigua and Barbuda announced that LIAT is to be liquidated and a new airline formed. The remaining 5.3% is owned by other Caribbean governments as well as private shareholders and employees. The industry has gone through mass furloughs, layoffs, aircraft storage and retirement,... PRESTWICK — The Antonov AN225 Mriya has touched down in Glasgow Prestwick Airport (PIK) today. LATAM, Avianca, Virgin Australia, Trans States Airlines and Flybe are among some of the others who are in bankruptcy and facing financial restructuring hurdles. The governments cannot go any further with it.”. Do you think that the aviation industry will recover by 2024? Browne does want to get a new operation going quickly, comparing today’s news to 1974 “when LIAT was collapsed, my understanding is that it took a day to start the operation of a new entity,” he said.”, “It may be a little more difficult to get it done within 24 hours, and I do understand that there are a number of stakeholders that we have to satisfy, especially creditors and I believe that we could do a work out with the various creditors and to literally get some arrangement in which they can accept that we are not conveniently closing LIAT 1974 Ltd. With its regional airline LIAT slated for liquidation the Caribbean is looking to outside resources to help maintain air connectivity among the islands. Creditors are about to have their say on whether cash-strapped regional carrier LIAT should go into liquidation. Browne credits the airline, which is headquartered in Antigua, with being a part of the Caribbean landscape, and says its liquidation will be a travesty. In an interview with a local Antiguan radio station, Prime Minister Gaston Browne shared that there will be a meeting of all LIAT shareholders in the coming weeks to discuss the carrier’s future. One of the largest liabilities LIAT owes is a $29 million severance payment it contractually owes to its’ employees. LIAT shareholders announced earlier this year that the airline was likely to liquidate and re-form. It was announced that the airline will be formed into a new entity that will provide vital connections between the Caribbean islands. It is unclear if the new claimants will honor reimbursements. Caribbean regional airline, LIAT (LI, Antigua), currently in administration, is to relaunch on November 1, 2020, according to the Office of the Prime Minister of Antigua and Barbuda. LIAT would likely be left to collapse, Gaston Browne, the Prime Minister Antigua … Its fleet of ten ATR, five ATR 42-600, and five ATR 72-600, is mostly not owned by the Airline, with LIAT only owning three of its aircraft. A new entity will be formed. Before the coronavirus outbreak, it had an optimistic outlook for 2020, but the virus-driven shutdown of operations caused LIAT to announce in May that it needed an infusion of $5.4 million to stay aloft. Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. Residents in the British Virgin Islands with credited accounts in the cash-strapped regional airline, LIAT, may soon be able to utilise their credit as plans have been announced to ‘reorganise’ the airline, therefore staving off previously-announced plans to liquidate the company. Notices of the plan have been submitted to the carrier’s shareholders under Antiguan law. According to Gonsalves, LIAT does not have significant assets to satisfy the liabilities it owes. The collapse of the region’s iconic airline, LIAT, is triggering diverse reactions from the public. Flights are suspended through at least 15 July 2020 and that could be enough to kill the carrier. Interestingly, Browne doesn’t want the new Airline to move away from the LIAT name. The company is now entering liquidation procedures. Speaking on local radio, Browne said that COVID-19 had not helped the Airline’s financial state. LIAT, which operates 491 weekly flights to 15 destinations from Puerto Rico in the north to Guyana in the south, has suspended its operations until July 15 as a result of the COVID-19 pandemic. “If shareholders pursue the piecemeal liquidation of LIAT and fail to work out a plan with creditors and employees, the liquidation will not only be disorderly, but shareholding governments may be confronted with litigations, totalling hundreds of millions of dollars and tens of … It operates high-frequency inter-island scheduled services serving several destinations in the Caribbean. If LIAT enters into liquidation, it will be the 14th carrier to collapse and face a possible shutdown of operations in 2020. While some funding was promised from two Caribbean governments, it falls well short of what the company needs to keep LIAT in operation. 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