Guest bimjim Posted May 28, 2003 Share Posted May 28, 2003 Aleong is an ex-Air Canada bean counter who accepted the CEO position at BWIA and has apparently worked with the airline's Board to bring it to the edge of bankruptcy. A perfect candidate for Milton's job!! -- (From the Trinidad Guardian, 28 May, 2003) (Trinidad) ILFC threatens to seize more BWIA planes but... Christine buys time. Now owing US$100 million and declared bankrupt by its Board, BWIA almost went out of business yesterday, as the International Leasing Finance Corp threatened to the seize four more of the six planes it leases to the carrier, Government said yesterday. Planning Minister Dr Keith Rowley, acting chairman of the inter-Ministerial Committee on BWIA, said ILFC issued a writ to the airline last Friday demanding US$5.5 million by 5 pm yesterday. He said Government’s intervention delayed ILFC from crashing the airline with its intended seizure of three BWIA Boeing 737s and the airline’s only Airbus Industrie A340 aircraft. ILFC seized two BWIA 737s in Miami last week for what Rowley said is now approximately US$20 million in outstanding lease payments. He said it was newly appointed junior Finance Minister Christine Sahadeo who convinced ILFC senior executives to come to Trinidad to negotiate directly with Government to clear BWIA’s debt. The ILFC executives are expected to arrive in Trinidad today to meet with Government officials. Rowley said the ILFC action has caused a feeding frenzy among the airline’s other creditors which are now demanding BWIA immediately pay them off, including General Electric Capital Aviation Services, which owns a BWIA Boeing 737. “As I speak to you, BWIA is facing a demand for approximately US$100 million now,” Rowley said. On Saturday, the Guardian exclusively reported BWIA chief executive officer Conrad Aleong as saying the airline only needed to pay ILFC US$500,000 more than the US$5 million the State gave to the carrier for the release of the seized 737s. On Friday, Aleong said this was a negotiated settlement. Rowley said there was no negotiation. “The leasing company issued BWIA with an ultimatum, indicating that if by this afternoon 5 o’clock (yesterday) BWIA does not pay US$5.5 million which is almost TT$40 million and on top of that if BWIA does not willingly and voluntarily enter into a United States court and accept judgement of the most onerous kind, and failing any terms in the judgement to be entered into against it voluntarily that they could and would immediately call the lease on all their other aircraft,” he said. Rowley, along with Sahadeo and other BWIA sub-committee members — Trade and Industry Minister Kenneth Valley and Health Minister Colm Imbert — held a news conference at the Eric Williams Finance Building yesterday. The sub-committee met with the BWIA Board and key executives yesterday at 8.30 am at Whitehall. BWIA chairman Lawrence Duprey, reported to be in London, did not attend the meeting. The Guardian was informed Duprey returned from London yesterday at 4.30 pm and soon after met with the BWIA Board. Aleong, who was reported to have promised his resignation if it would help BWIA stay alive, did not return any messages. “The BWIA directors indicated to the Government that what we are dealing with is an out-and-out bankruptcy,” Rowley said. Link to comment Share on other sites More sharing options...
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