2024 has not been the best year for airlines that serve smaller or faraway countries. Air Malta, Armenia’s FlyArna and the LIAT airline serving Antigua and Barbuda have all either formally filed for bankruptcy protection or simply closed up shop and ceased operations since the start of January.
Vanuatu, a South Pacific nation of 326,000 people, was left without an airline after its flagship carrier, Air Vanuatu, declared bankruptcy after struggling to find the capital to fund the “extended maintenance requirements” required for its four planes. With all its flights to and from the country canceled at a day’s notice, numerous tourists suddenly found themselves stranded and paying exorbitant fares for limited spots on flights by Qantas Airways (QUBSF) and Singapore Airlines (SINGF) over several weeks.
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JetAir Caribbean, also known by the legal corporate name United Caribbean Airlines BV, was established in 2006 as a private charter airline serving the Caribbean country of Curaçao. Officially an autonomous territory under the Kingdom of the Netherlands, the island is home to just over 150,000 people but attracts three times that amount in tourists in an average year — known for pristine beaches and the colorful houses in the historic port town of Willemstad, Curaçao is a popular stop for cruise ships, those sailing privately and sun-seekers who fly in from Europe and the U.S.
‘All flights are canceled, and aircraft will remain grounded’
As it is isolated by sea, both locals and tourists often rely on charter airlines to get between the nearby islands of Aruba and Bonaire. But when it comes to JetAir, the numbers have not been adding up.
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Earlier this month, United Caribbean Airlines B.V. and JetAir Caribbean B.V. (operating under the joint name JetAir) officially declared bankruptcy in the Court of First Instance of Curaçao. All scheduled flights to destinations like Aruba, Bonaire, Colombia and Sint Maarten were called off.
“In consultation with the board, the trustees have decided to cease all current flight operation,” the airline wrote on its website. “This means that all flights are canceled, and JetAir’s aircraft will remain grounded as of June 18th.”
Stan van Liere and Robbert Vriezen, attorneys with the local law firm HBN, were appointed the trustees overseeing the bankruptcy proceedings. According to local reports, poor management and the inability to attract enough customers have both contributed to JetAir’s downfall — the carrier has only two Fokker 70 planes in its fleet and used them to fly to different islands in the Southern Caribbean Sea.
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‘Investigate the company’s assets and explore possibilities for a potential restart’
The next step is for van Liere and Vriezen to work with liquidators, the Curaçao government and local Social Insurance Bank to determine how to put the airline on a better financial path. Both government and central bank representatives said they want to keep JetAir operational.
“In this initial phase of the bankruptcy, the trustees will conduct an investigation into the company’s assets and explore the possibilities for a potential restart of JetAir and focus on informing employees, passengers, and other creditors and stakeholders,” the airline said further in an additional statement.
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