Insel Air international B.V. has requested and has been granted temporary bankruptcy protection status by the Court of First Instance of Aruba until at least June 9th, 2017. This request was introduced as a consequence of a request for bankruptcy filed by creditor(s). With this measure the bankruptcy request(s) have been frozen pending the bankruptcy protection period.
On June 9th, 2017 the Court will have to decide if the bankruptcy protection is extended beyond that date. Such protection can last up to one year and a half. The consequences for the airline is that an independent administrator has been appointed to Insel Air International B.V. and that the managing-directors of the company can’t legally bind the company without consent of the administrator. During this timeframe creditors can consider whether or not to further pursue their claims against the company.
Last week Insel Air Aruba N.V. filed for similar bankruptcy protection https://wordpress.com/read/feeds/2091762/posts/1366876024
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