American Airlines (AA, Dallas/Fort Worth) and all other airlines currently owed over USD3billion in unremitted ticket revenue by the Venezuelan government, could, at long last, begin to receive a pay out from Caracas after president Nicholas Maduro's government recognised debts owed the carriers.
In a televised broadcast to the Venezuelan nation earlier this month, Maduro finally acknowledged the USD3.8billion debt dating back to 2010 that had been systematically denied by the government.
In a statement, Humberto Figuera, the president of the Venezuelan airline association (Asociación de Líneas Aéreas de Venezuela - ALAV), said the funds would be gradually paid out between now and the end of 2015. In terms of the exchange rate to be used - a critical facet of the agreement given the country's rising inflation - Figuera said that which was in effect when the ticket was bought would be used.
In the wake of the remittance crisis and recent socio-political unrest in the country, several carriers including Air Canada (AC, Montréal Trudeau), TAME Ecuador (Quito International), Avianca (Bogotá), and Copa Airlines (CM, Panamá City Tocumen International) have either reduced or terminated their flights to Venezuela since January. Aruban carrier Tiara Air (Aruba) (Aruba) also came close to bankruptcy as result of its inability to access ticket remittances.
A 2003 law decreed that all vouchers and services provided by international airlines be provided in the country's local currency, the Bolivar, which can not be changed to international currency without approval from the local foreign exchange control syndicate, CADIVI.
