CDB TO PROVIDE FINANCIAL SUPPORT FOR LIAT (1974) LIMITED'S RESTRUCTURING PROCESS
ST. MICHAEL’S, Barbados – (July 26, 2007) - The Caribbean Development Bank (CDB) has approved a package of financing in an amount not exceeding USD60.5 million to assist with the financial and institutional restructuring of LIAT (1974) Limited. Approval was granted at a meeting of CDB's Board of Directors at the Bank's Headquarters in Barbados on July 26, 2007.
This package includes loans to the LIAT shareholder Governments of Antigua and Barbuda (USD21.8 million), Barbados (USD32.7 million) and St. Vincent and the Grenadines (USD5.4 million), as well as a grant directly to LIAT of USD500,000. The funds are to be used by LIAT in restructuring its operations with a view to enhancing the commercial viability of the airline.
Since 2005, LIAT has been implementing a transformation strategy aimed at recapitalising the business, restructuring the airline's financial commitments and operations, and introducing a new business model.
CDB is of the view that the maintenance of reliable and secure air services within the Region is vital to the economic development of the Bank's borrowing member countries, particularly in support of tourism, of a critical importance to the regional integration process.
Within select Local Markets Call Toll Free at: 1-888-844-LIAT (5428)
In U.S.V.I. and Puerto Rico call 866-549-5428
From Antigua call 480-5582
All others 1-268-480-5601/2 (Call Center Antigua W.I)