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(ANTIGUA NEWS ROOM) — Prime Minister Browne says the Government of Antigua and Barbuda will make available $2.8 million for LIAT.
“$1.4 million will go to the [administrator] and $1.4 million will go towards paying the staff who have been working for the past month and have not received a red cent,” Prime Minister Browne said on Pointe FM.
“Antigua and Barbuda has agreed to step up and make those payments in full. And inasmuch as we are only responsible for about 36 percent of the $1.4 million, there was a previous payment that we did not participate in earlier in the year, so on that basis we have opted to pay $1.4 million.”
The prime minister said this does stop the other countries “to include Barbados,” paying their share of the monies owed to the workers.
“But we are not waiting on them to make their payment, we have decided to cover 100 per cent of the payment for the last month,” he said.
“If the administrator is unable to get the necessary cuts to make LIAT viable, then clearly it’s going to be mayhem because it means that creditors will maybe end up with nine per cent or less if they’re lucky,” the prime minister explained.
Cleveland Seaforth was appointed administrator on July 25.
“He’s meeting with various stakeholders [and] one of the major objectives is to meet with creditors and to negotiate certain haircuts. If he’s not successful in achieving those haircuts, clearly LIAT will be liquidated creating significant losses for creditors to include the staff of LIAT,” the prime minister said.
“I am of the view that the creditors are rational people and that they will ensure that at least they come out with something rather than nothing.
“His main role is to see how he can reduce liabilities and operating expenses and on the basis that he’s successful in so doing, then we should be able to establish LIAT in some form, even if not at the size that it was pre-COVID, certainly a downsized and a far more efficient LIAT,” Prime Minister Browne added.
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