[Curaçao] It’s over for DAE

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bimjim
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[Curaçao] It’s over for DAE

Unread post by bimjim » Sat Aug 31, 2013

http://www.thedailyherald.com/index.php ... r-dae.html

[Curaçao] It’s over for DAE
~ Ramiz pulls out ~
MONDAY, 26 AUGUST 2013

WILLEMSTAD

The curtain has fallen for Dutch Antilles Express (DAE) after consultant Nelson Ramiz decided to send back the planes wet-leased from his American company, Falcon Air, and vowed not to put "one more cent" in the Curaçao airline.

The personnel, which have been paid only half of their July salaries, were told to stay home. Since Curaçao Airport Partners (CAP) stopped DAE from operating out of Hato as of midnight last Friday due to unpaid bills, all the carrier's activities have come to a halt.

Ramiz said looking back he made a big mistake by investing NAf. 10 million into the airline and providing an additional NAf. 6 million guarantee. "I did not receive payments for my Falcon Air aircraft, the three MD-83s, but kept them flying anyway."

"I also carried the cost for – among other things – landing rights and fuel in Miami and Orlando, [Florida – Ed.] so in total I had stake of 16 million."

In addition to returning his three planes to Miami, he had the two ATR planes flown back to South Carolina where they were leased, with the third and last one soon to follow. The same will be done with the – also leased – Fokker planes.

Venezuela's foreign exchange agency, Cadivi, has reportedly warned that should DAE be declared bankrupt, the US $23 million the company is still to get from earlier ticket sales in that country will be forfeited. It's thus not clear if the authorities in Caracas would recognise a possible bankruptcy trustee.

The airline owes Girobank NAf. 19 million and development corporation Korpodeko another NAf. 12 million, while its monthly fixed expenses are about NAf. 650,000.

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Re: [Curaçao] It’s over for DAE

Unread post by bimjim » Sat Aug 31, 2013

Was Ramiz a consultant? CEO? Investor? Lessor? Lessee? Owner? All of the above?

Whatever he was, he was obviously out of his depth... DAE owed so much money to so many places that he was being shut out (Venezuela. St. Maarten), yet he kept on blustering, threatening while operating and still expanding?

Was Ramiz unable to look past his nose at the financial future of the airline? Or did he think he was going to keep on operating on good will (and the taxpayers money of Curaçao) alone?

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