St. John's, Antigua -- Oct. 25, 2007 -- LIAT (1974) Ltd., and Caribbean Star Airlines, Ltd., yesterday finalized
and executed the agreement for LIAT to purchase the assets of Caribbean
Star Airlines. The asset purchase agreement facilitates the transfer of
Caribbean Star’s assets, excluding aircraft,
to LIAT effective immediately.
The final five aircraft currently leased by Caribbean Star will be
transferred to LIAT in a separate transaction. Transfer is scheduled to
coincide with the cessation of Star’s
operation.
In coordination with the transfer of the aircraft, Caribbean Star will
cease flying on Nov. 15, 2007. At that time, Caribbean Star will shut
down its operation and LIAT will go forward, operating the
combined fleet of Dash-8 aircraft.
“Customers should experience no interruption
of their travel itineraries as a result of the transfer of aircraft and
closure of Caribbean Star,” assured Skip
Barnette, President and CEO of Caribbean Star Airlines. “The
flight schedule will continue as published, and LIAT will operate the
flights formerly flown by Caribbean Star equipment and crews.”
“We express our sincere thanks to the
Caribbean Star staff – past and present –
for their contributions and dedication throughout our airline’s
seven-year history,” Barnette continued. LIAT’s
Chief Executive Officer – Mark Darby also
added his appreciation for the support and interest shown by the
Caribbean Star team throughout the negotiations and conveyed his best
wishes to the staff as they embark on this new phase in their careers.
The completion of the asset purchase agreement marks the end of
discussions that began last October between LIAT and Caribbean Star.
"We are very pleased to have completed one of the most significant
business deals in the history of the Caribbean, while preserving the
heritage of an important regional icon in the process," said Jean
Holder, Chairman of LIAT. “We look forward to
moving LIAT ahead as a commercial entity that will best serve the
Caribbean people.”
For more information on LIAT (1974) Ltd., please visit www.liat.com.
Contacts
Caribbean Star Airlines, Ltd., St. John's
Laura Cotton, 954-806-2640
lcotton@flycsa.com
or
LIAT
(1974) Ltd.
Penny Gomez, 246-228-3786
gomezp@liatairline.com
