Earlier this 12 months, LIAT (1974) Restricted ceased working after coming into administration in 2020. The corporate’s shareholders – the governments of Antigua and Barbuda, Barbados, Dominica, and St. Vincent and the Grenadines – agreed to the sale of LIAT’s three plane to the Authorities of Antigua and Barbuda.
An Plane Sale Settlement, for the sale of the three plane over which the Caribbean Growth Financial institution (CDB) holds mortgages, has been executed between the Administrator for LIAT (1974) (as the vendor) and the Authorities of Antigua and Barbuda (as the customer).
CDB shouldn’t be a celebration to the sale settlement. CDB’s solely function is to offer the required consent for the sale, which it has performed.
Below the sale association agreed to by the shareholder Governments, the Governments’ authorised that cash from the sale ought to be proportionately allotted in direction of paying excellent balances on the CDB loans that had been initially made to the shareholder Governments to assist LIAT (1974) Restricted’s operations. The choice about the usage of the sale proceeds rests with the shareholder Governments.
CDB shouldn’t be concerned within the financing or any facet of the operations of LIAT 2020.
The Financial institution continues to take a powerful curiosity within the growth of regional transportation and stays a powerful advocate for the event of the Caribbean’s transportation networks and infrastructure.
