Published On: Tue, Nov 29th, 2016

Tiara Air bankrupt

ORANJESTAD – The Court in first Instance declared the Tiara Air bankrupt on Monday. The airline’s lawyer Hose Figaroa confirmed the decision yesterday morning to the Aruban news site NoticiaCla.com.

In the verdict, the court indicates that the facts and the proceedings at the hearing clearly showed that Tiara Air is in no condition to continue meeting its financial obligations. The airline also failed to comply with the agreements made in payment moratorium of November 20, 2015.

Though Tiara Air says it has money in certain banks in Venezuela, according to the court, the company could not indicate whether and when the transfer of funds will take place so that the creditors can be paid. The judge found these reasons to declare Tiara Air bankrupt, marking the end of another Dutch Caribbean airline.

tiara-air

Photo caption: Tiara air is out of business. Photo contributed