[Aruba] Judge declares Tiara Air bankrupt

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Web site: http://www.tiara-air.com/
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[Aruba] Judge declares Tiara Air bankrupt

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http://curacaochronicle.com/aviation/ju ... -bankrupt/

[Aruba] Judge declares Tiara Air bankrupt
Mon, Nov 28th, 2016

ORANJESTAD

The court today (Monday) declared the airline Tiara Air bankrupt. This was confirmed by the airline’s lawyer Hose Figaroa this morning to the Aruban news site NoticiaCla.com.

In the verdict, the court indicates that the facts and the proceedings at the hearing clearly showed that Tiara Air is in no condition to continue paying its financial obligations. The airline also failed to comply with the agreements made in payment moratorium of November 20, 2015.

In addition, although Tiara Air says to have money in certain banks in Venezuela, according to the court, the company could not indicate whether and when the transfer of funds will take place so that the creditors can be paid. The judge found these reasons to declare Tiara Air bankrupt. This is, unfortunately, the end of another Dutch Caribbean airline.
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