Antigua Bank to Auction LIAT Airline Property Due to Loan Default

A bank has placed part of the Antigua-based LIAT airline’s property on the auction block for apparent loan default.

In an auction notice, the Antigua Commercial Bank’s Loan Recoveries Department announced it would be selling a lucrative parcel of land located at LIAT’s Coolidge base on the fringe of the VC Bird International Airport.

The 2.75 acres of vacant property forms part of a commercial strip which supports various types of commercial activities.

The bank described the property as generally flat with a gentle slope and slightly irregular in shape, with access to service lines for potable water, telephone and electricity all provided by the state-owned Antigua Public Utilities Authority (APUA).

The airline’s assets are to go on sale on April 29 on-site.

The financially troubled LIAT (1974) Limited which was owned by the governments of Barbados, St Vincent and the Grenadines, Antigua and Barbuda and Dominica, has been replaced by LIAT 2020 which was established by Antigua and Barbuda.

The auction announcement comes just as the new company wrapped up a weekend series of training flights under the supervision of the Eastern Caribbean Civil Aviation Authority (ECCAA).

The airline is required to follow this process to obtain its Air Operator’s Certificate (AOC) before it can begin regular scheduled flights, under the ECCAA’s aviation-related remit in the Organisation of Eastern Caribbean States.

Two flights were conducted on Saturday afternoon from VC Bird International Airport to St Kitts and back, followed by two similar flights on Sunday morning, Barbados TODAY has learned.

The ECCAA reportedly monitored the flights, examining all aspects of the airline’s performance, including safety protocols, flight operations, and communication systems.

Barbados TODAY understands the training flights were successful, and the ECCAA has provided feedback to LIAT 2020 to help the airline meet all the requirements to receive the AOC.

During a live radio programme, Prime Minister Gaston Browne announced the successful completion of the training flights, which generated a wave of congratulatory comments and posts from the public.

LIAT 2020 is a partnership between the government of Antigua and Barbuda and Nigerian airline Air Peace.

Air Peace is to provide three aircraft to the new airline, as part of its contribution. The planes are expected to arrive in Antigua and Barbuda in a number of weeks to bring the initial fleet of aircraft to three.

LIAT 2020 is expected to conduct additional training flights throughout the week as it works to meet all requirements before receiving the AOC.

emmanueljoseph@barbadostoday.bb