[Aruba] Tiara Air resumes flights mid July

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[Aruba] Tiara Air resumes flights mid July

Unread post by bimjim » Sun Jun 15, 2014

http://www.amigoe.com/english/185417-ti ... s-mid-july

[Aruba] Tiara Air resumes flights mid July
Franciska Groen
Friday, 13 June 2014

ORANJESTAD

The judge ruled yesterday during the creditors’ meeting that airline company Tiara Air is granted postponement until October 26th 2015 to fulfill the payment obligations. Owner Alejandro Muyale stated before the Amigoe this morning that the airline can make a restart mid July.

He hopes sooner, but predicts that the restart could take some time. “The restart will take place as from mid July with flights to Curaçao and Punto Fijo in Venezuela.” Muyale explained that the airline company will by flying only to one destination in Venezuela in order not to run risks. “If this goes well we can add another, but let’s see how this goes first.” For the time being the company will not fly to Fort Lauderdale (US) either, although it remains a possibility, but ‘not immediately’, according to him.

On its way

The amount owed in 2013 is on its way, according to the senior executive of Tiara. “With this I mean that the first payment of 2013 has been transferred but not received yet.” He indicated to have seen proof of such and is therefore certain that the payment is in order and thus also the restart. Apparently also the judge was confident of this yesterday during the creditors’ meeting when he ruled that the period of final moratorium was extended to October 26th 2015.

Ability to pay

That Venezuela had already made a small payment for 2014, that the payment schedule was in order and the fact that dismissal permit was received contributed to this decision, Muyale said. The reorganization plan makes it clear, according to him that Tiara Air is capable of bearing all costs. The first payment from Venezuela is meant for the restart. “The plan is to pay the creditors a percentage every six months as from the second payment. This means that the last payment will be made in June 2016.”

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