(Barbados Nation) A proposal outlining how REDjet plans to repay creditors has been finalized but passengers and others owed should not expect to get all their money back.
They can collect at least a quarter of it though.
This was confirmed by Anthony Audain, the attorney-at-law for trustee Grenville W. Phillips, under whose control the airline rests.
Audain confirmed to the SATURDAY SUN yesterday that the proposal was filed on Monday and it will now be left to the creditors to accept what is offered or the low-cost carrier will officially go under.
“The proposal is basically a proposal to creditors on how to deal with their debt. They will not be offered 100 cents in the dollar; it has to be at least 25 cents because less than 25 cents in the dollar the proposal would fail by law,” he said.
