Tiara Air (Aruba) (Aruba) has filed for an automatic stay, a temporary legal injunction which prevents creditors from trying to collect debts. The Curaçao Chronicle says the airline is only one of a growing list of regional and international airlines whose operations have been severely affected by foreign currency shortages in Venezuela. The Curaçaoan government recently extended a bridge loan to the carrier while the Venezuelan Commission for the Administration of Currency Exchange (CADIVI) resolves its claims, said to amount to USD40million. In mid-December, American Airlines (AA, Dallas/Fort Worth) announced it had stopped selling tickets from and to Venezuela in any currency. The US carrier is reportedly owed over USD500million by CADIVI. Thanks to poorly conceived policies, the Venezuelan government has created an artificial foreign currency shortage in the country which has, among other things, resulted in a scarcity of basic goods including staple foods and personal hygiene products, deteriorating infrastructure, and Latin America's highest inflation rate.
Venezuela's forex crunch pushes Aruba's Tiara Air closer to the edge
Tiara Air Shorts 360 (SD3-60),
© Tiara Air