Antigua Pledges To Invest US$ 20 Million In New LIAT

(ANTIGUA NEWS ROOM) – The Cabinet held a fulsome discussion on the future of LIAT 1974 Ltd. Antigua and Barbuda is developing a plan for a new LIAT, which includes an invitation to private entities to invest in that new carrier.

In keeping with the requirements set out by the shareholder governments, that plan is to be developed in the shortest possible time and to be ready in a few days.

The Antigua and Barbuda Government is committed to investing an amount of US$15,000,000 to US$20,000,000 towards the new LIAT.

The conditions of the loan secured prior to the Covid-19 crisis requires that the borrowed resources be invested in LIAT. A decision was taken to have the Registrar of Companies in Antigua and Barbuda, acting under the Companies Act, to reserve the LIAT 2020 Ltd. new company name.

Antigua and Barbuda stands opposed to the liquidation of LIAT 1974 Ltd. without a plan to create the necessary connectivity which regional integration requires. Staff members of LIAT, numbering 800+ throughout the region, and more than 500+ in Antigua are very worried about their future, the Cabinet agreed.

The cost  and distribution of severance among the shareholders will be assessed, the Cabinet informed.