Winair pays off old debt to airportPOSTED: 03/1/16 2:25 PM
St. Maarten News – On 10-10-10 Winair was transferred to majority shareholder Country St. Maarten and minority shareholder the Netherlands with a substantial negative equity and debt position on its balance sheet due to years of accumulated operational losses. The debt position included a sizable amount due to Princess Juliana International Airport.
In the reorganization process of Winair, commitments were made to keep its accounts with the airport current while management worked on resolving the old debt situation between both government-owned companies. On an agreement that was reached at the time, Winair its final payment to the airport yesterday, effectively cancelling out all of its old debt owed to the airport company.
Winair is by far the airport’s biggest client in terms of runway usage with some 18,473 flights executed in 2015 and second in passenger movement at 180,614 for that same year. Both government-owned companies are committed to growth and depend on each other to reach their individual and common goals, therefore it was of the utmost importance for both companies to close this pre 10-10-10 chapter for good.
“The national carrier wishes to thank its employees for their hard work and dedication that made this possible. It also wishes to thank the Supervisory Board and Management of PJIAE for their cooperation in concluding this agreement and looks forward to the continuation of this mutually beneficial relationship as Winair is about to celebrate its 55 years of existence,” the airline said in a press statement.