Investors express interest in LIAT


Antigua’s Prime Minister Gaston Browne on Saturday during a radio show said that both government and private investors have expressed interest in the embattled regional carrier LIAT.

Browne acknowledged that “LIAT is presently on life-support,” but as far as Antigua and Barbuda is concerned, “corporate euthanasia is not the answer.”

The Prime Minister was adamant that LIAT is in need of reorganization to bring the airline back to good health; and that both governments and private sector entities have expressed interest in doing just that.

“There are several proposals on the table from private entities. There is one entity that has offered a US$25 million investment for 51 per cent of the shares,” the Prime Minister said on Pointe FM’s Browne and Browne Show.

“There’s another regional airline that has offered to invest about US$25 million and a few planes for about 60 per cent of the shares in LIAT.

“And there are at least three governments that have shown some interest in investing in LIAT, so there are some prospects that the Administrator is pursuing. And we believe that ultimately, on the basis that the Administrator is successful in getting the cooperation of creditors, that LIAT will be organized and be back in the air to take its pole position, to continue to be the number one carrier within the Caribbean region,” Browne added.

The Prime Minister said while certain prospective investors have written to him directly, expressing their interest in LIAT, he has passed on all the information to the Administrator, Cleveland Seaforth, who has sole managerial responsibility for the airline.

The Eastern Caribbean Supreme Court appointed Cleveland Seaforth as Administrator of LIAT in late July.

HT: | Photo: ATR