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Friday, November 16, 2007

Caribbean Star marks final flight, transfers assets to LIAT

Advocate: "THE seven-year-old Caribbean Star operated its final flight yesterday, marking a takeover by competitor LIAT, in a buyout that Chairman, Jean Holder, describes as 'one of the most significant business deals in the history of the Caribbean' . Late last month, the two carriers finalised and executed an agreement that facilitated the transfer of Caribbean Star's assets to LIAT. That asset purchase agreement did not include the remaining five aircrafts leased by Caribbean Star, which are expected to be transferred to LIAT in a separate transaction expected to coincide with today's closure of the carrier, owned by Antigua-based Texan billionaire, Sir Allen Stanford."