Friday, March 29, 2024

REDjet ‘deal’

Date:

Share post:

REDjet’s creditors have agreed to accept at least 25 cents of every dollar which the insolvent airline owes them.
Even without the support of two major local creditors – Grantley Adams International Airport (GAIA) Inc. and the Commissioner of Inland Revenue – a vote taken last Tuesday gave REDjet the majority it needed to avert automatic bankruptcy. However, creditors will have to wait until at least next year to get any money back.
Attorney-at-law Anthony Audain, acting on behalf of Dr Grenville W. Phillips who was appointed trustee after REDjet filed for insolvency on June 5, said the High Court must now give the plan the final nod before the airline can go ahead with sorting out the repayments.
“I made an application to the court [Friday] and the hearing is on November 8, when we will ask the court to approve the proposal. The court will have to make its own judgment as to whether the proposal is feasible and whether it’s reasonable,” Audain told the SUNDAY SUN.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Natassia’s journey from tragedy to triumph

In a world often characterised by turbulence and uncertainty, a beacon of hope often emerges from some of...

No decision yet on Lester Vaughan School

A firm decision has not yet been made regarding when the Lester Vaughan School will be reopened. Following a...

BDF to conduct simulation exercise on April 2 & 3

The Barbados Defence Force (BDF) will conduct a Mass Casualty Simulation Exercise from Tuesday, April 2, to Wednesday,...

Barbadians reminded to file taxes online as filing season starts

The Barbados Revenue Authority (the BRA) is advising that tax filing season for 2023 begins on April 1 this...