The Administrator is Guyana born Cleveland Seaforth of BDO, who will be a key figure in prime minister Browne’s plan to restructure the airline.
With Seaforth’s appointment as Administrator, the court has placed a stay on a creditors meeting, which had been scheduled for July 31.The stay also includes the shareholders agreement to liquidate.
The government’s case was led by senior counsel Anthony Astaphan in the Eastern Caribbean Supreme Court.
“It was a petition to begin the process of reorganization by the appointment of an Administrator and a stay on all proceedings against LIAT — civil, liquidation, proceedings by the shareholders, creditors — which would give the Administrator, who was also appointed by the court [the power] to take a deep look at LIAT and to make a recommendation one way or the other,” Astaphan explained.
“The next step would be the Administrator assuming control of the assets and management of LIAT, and to begin the exercise imposed on him by the legislation of the amendments that were made recently.
“It is a very, very important step because it gives the Prime Minister the opportunity to be able to work with the Administrator, and for the administrator to take a look at everything to be able to come to the conclusion whether LIAT 1974 Ltd, of one sort of the other, would be able to be reorganized and to be back in the sky,” Astaphan added.
LIAT was represented by lawyer Stacy Roach, who did not object to the petition or the appointment of the Administrator.
- Countries: Antigua_Barbuda
- ANTIGUA | LIAT's creditors given until August 15 to make claim
- ANTIGUA | Browne seeks CDB Loan to purchase LIAT aircraft
- BARBADOS | Mottley welcomes Inter Caribbean Airways Barbados hub
- ANTIGUA | Browne gets green light to reorganise regional carrier LIAT
- ANTIGUA | Browne shares Plan with Mottley, Gonsalves in last-ditch effort to save LIAT