ORANJESTAD, WILLEMSTAD – The Aruba court has declared the airline InselAir Aruba bankrupt. The court had granted the airline a deferment of payment for a few months and it did not operate flights anymore. There was no chance of selling the airline or restart operations.
InselAir Aruba did not work on a stabilization plan, nor did it take cost-cutting measures. There were no efforts made to start generating income. Irresponsible to maintain the moratorium even longer, said the curator.
Mainly due to the crisis in Venezuela, a major destination in the airlines network, debt accumulated rapidly.
InselAir International itself is also struggling but it has been working on a reform plan for months.
Read the full article at: http://curacaochronicle.com/local/inselair-aruba-declared-bankrupt/