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The shareholders of LIAT (1974) Ltd. and Caribbean Star Airlines
Ltd. announced today that they have set June 15, 2007 for the merger
to be finalized and the airlines to be integrated. The announcement
was made following a meeting held today in Barbados between the Prime
Ministers of Antigua & Barbuda and Barbados, shareholders of LIAT, and
Sir R. Allen Stanford, sole shareholder of Caribbean Star Airlines.
Merger negotiations had been ongoing since October 2006.
Under terms of a revised agreement, the Stanford Financial Group
will lend the LIAT shareholder governments a total of US$25 million
for the purpose of providing a bridge loan until LIAT shareholder
governments finalize a loan by the Caribbean Development Bank. The
loan from the Caribbean Development Bank is proposed to be for a total
of US$60 million. The bridge loan from Stanford Financial Group will
be for the purpose of settling LIAT's outstanding financial
liabilities and to provide working capital until the Caribbean
Development Bank loan has been funded at which time the bridge loan
will be repaid. The Caribbean Development Bank loan is subject to
approval by the bank's Board of Directors and the island parliaments.
The ownership of the new airline will remain as agreed upon in
March: Caribbean shareholder governments and other LIAT shareholders -
65% and Stanford Financial Group - 35%.
In addition to the key shareholders of both airlines, other
officials present at today's meeting included LIAT Chairman Dr. Jean
Holder, LIAT CEO Mark Darby, Caribbean Star President & CEO Skip
Barnette, and other senior officials. St. Vincent and the Grenadines
Prime Minister Gonsalves was unable to attend the meeting as he is
recovering after a serious automobile accident.
For more information on Caribbean Star Airlines Ltd., please visit
www.flycaribbeanstar.com.
For more information on LIAT (1974) Ltd., please visit
www.liatairline.com.
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