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Gonsalves to meet with workers as LIAT seeks debt forgiveness - by Barbados Today
August 30, 2020
Article by
Barbados Today
Published on
August 30, 2020
Article by
Barbados Today
Barbados Today
August 30, 2020
Prime Minister Ralph Gonsalves says he will now meet with the Vincentian employees of bankrupt regional carrier LIAT, as he now has something new to say to them: the airline has asked his government for debt forgiveness. LIAT has been grounded since March as a result of low demand for its services amidst the COVID-19
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“… a request is hereby made for the government of St. Vincent and the Grenadines to write off the full amounts stated which is about 14 and a half million. The effect of the write off of the debt would significantly improve the realisable value which could be derived from the assets of the company and will go a long way towards enabling the company’s return to flying operations,” Gonsalves quoted the letter as saying.
“LIAT’s most recent staff complement, prior to the cessation of flying operations was 667 persons, which is spread across all territories to which the carrier flies. The write off of the debt as stated above, would enhance the employees’ prospects and settling the indebtedness of these employees,” the letter further stated.
These quotes are precise evidence why LIAT 1974 Ltd should be put out of its financial misery.
Barbados and St Vincent have already given their shares to LIAT 1974 Ltd
for $1 and now the administrator is asking for 100% write off of $14 million
debt , when will it stop? Dr Ralph the time has come to say to Gaston Browne LIAT 1974 Ltd is a total bad debt and its time to pull up stumps.
in St Vincent debt , St Vincent should not agree to this latest ask