The chairman of a governmental committee appointed to oversee the resuscitation of InselAir (Curacao) has warned that the future of the carrier depends on the outcome of talks with prospective investor One Laser Group LLC (OLG).
The Curaçaon Government is currently engaged in talks with the US-based transport specialist over its proposed accession to InselAir's share capital.
According to the Curacao Chronicle, Etienne Ys said last month that the deal with Laser Group was crucial given a late August deadline for the repayment of several of InselAir's debts. As such, if the airline's creditors do not agree to Laser's proposals, they could call in their claims resulting in the airline being declared bankrupt.
InselAir was only just able to avoid being declared bankrupt by two of its creditors, Goddard Catering Group Curaçao and Jet Power Aruba Aircraft & Transit Company, in March last year after it convinced a local bankruptcy court that under the right conditions, it could return to viability and thus settle its dues.
Despite its earlier optimism, the carrier's fleet has declined since the ruling largely as a result of ageing equipment coupled with a lack of funding. At present, it has one operational Fokker 50 and one E190 on wet-lease from Conviasa (V0, Caracas Simón Bolivar). The Fokker Aircraft is used to serve Aruba and Bonaire while the Embraer is deployed on flights to Paramaribo International and St. Maarten.
The government's continued protection of InselAir has already incurred the wrath of other prospective entrants into the Dutch Antilles aviation market, among them AvA Airways (Curaçao). The start-up is currently suing the Curaçaon authorities over both their motion to deny it an economic permit on what CEO Olivier Arrindell has deemed spurious grounds, as well as their continued favouritism of InselAir at the expense of new competitors.
