Bridgetown.
The High Court in Barbados has given Redjet and its trustee Grenville W. Phillips more time to come up with a proposal to pay its creditors.
Redjet filed for insolvency on June 5 and was granted a statutory 30 day stay of proceedings that preventd creditors from going to court during that period to seek payment.
Lawyer for the trustee, Anthony Audain told Trakker News that Justice Olson Alleyne granted the airline a 45 day extension last week.
"The court was satisfied that it was in the interest of everyone involved to give the company more time to complete and I am confident that can happen within the 45 day period", says Audian.
The Bankruptcy And Insolvency Act, under which the Notice of Intention to Make a Proposal was filed. allowed Redjet to be granted several extentions up to six months.
Audian said he did not think that lenght of time would be needed.
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