WILLEMSTAD--Curaçao-based InselAir currently pays NAf. 500,000 (approximately US $300,000) in salaries on a monthly basis to operate one aircraft.
According to Chief Executive Officer (CEO) Lars de Brabander, the airline is not covering its expenses. He said the company did lower its personnel cost from 1.2 million to a half million guilders and is operating well right now.
“We are doing good,” the CEO explained during the court hearing two weeks ago. Prospective buyer InterCaribbean of the Turks & Caicos is already asking about the primary process within the Dutch Caribbean carrier and they are indirectly participating in the decision-making through technical advice, added De Brabander.
The CEO admitted there are serious cash flow problems. Another issue is the accumulation of pending payments while they are in a moratorium with the help of a court-appointed trustee.
The judge cannot continue to protect InselAir from international creditors much longer. One of these is Curaçao Airport Partners (CAP), which the airline already owes US $4.7 million.
Without more liquidity the company might not make it past January 15.
