Almost a year after insolvent airline REDjet proposed a plan to repay those it owes, the court has still not decided whether to give it the nod while one of the main creditors is opposing the strategy and suggesting the airline be liquidated.
The Grantley Adams International Airport (GAIA) which is owed $1.5 million in landing fees, parking fees and other charges has indicated that going the route of liquidation would maximize the benefits to unsecured creditors.
After being adjourned since November last year, the High Court hearing on whether the plan should be approved was called yesterday. REDjet’s trustee Dr Grenville W Phillips, his attorney Anthony Audain, attorney-at-law Larry Smith representing the GAIA and Supervisor of Insolvency Dianna Greenidge were among those attending the hearing.
No progress was made, however, as Justice William Chandler adjourned the matter so that a representative of REDjet could be given the opportunity to come to be heard.
REDjet, which started commercial flights in May 2011 with base fares as low as US$9.99, suspended flights in March last year before filing for insolvency on June 5, 2012.
