Saint-Martin's government and EDEIS win bidding war for Air Antilles.
The Commercial Court of Pointe-à-Pitre has approved the takeover of Air Antilles by a consortium led by the Overseas Territorial Collectivité of Saint-Martin and EDEIS. The decision came on Friday, September 29, a crucial moment for both Air Antilles and Air Guyane as rejection of the takeover bids would have brought both companies to the brink of liquidation.
Several parties, including Deem World Investment and Louis Le Carrères, had previously withdrawn their bids. Diamondale Group, affiliated with Intro Aviation, and Butterfly Air Group, founded by a former Air Antilles pilot, were still in the running. There were even questions about the legitimacy of Diamondale Group's bid, due to possible legal complications.
The competition didn't just come from airlines or investors. Retail company CAFOM had increased its bid for the entire CAIRE group, parent company of Air Antilles and Air Guyane, proposing to retain 194 jobs at the cost of cutting 102 other positions. Their strategic partnership with a Guyanese conglomerate and Corsair strengthened their position, although the return of former owner Eric Koury as an advisor raised doubts about the sincerity of their proposal.
employees
In contrast, EDEIS and the Overseas Territorial Collectivité of Saint-Martin strengthened their bid through a non-compete agreement and material support, while remaining financially independent. The attractive aspect of their proposal was the willingness to retain 83 to 120 employees. However, a crucial aspect was the maintenance of Air Antilles' air transport certificate, which required a full takeover. This was underlined by Gabriel Serville, the President of the Assembly of Guyana, who argued that community support was only possible with a full takeover of Air Guyane.
Ultimately, the Commercial Court favored the consortium, partly because of their credibility, expertise and seriousness. Now, 60 percent of the shares of the newly formed airline, New Air Antilles, will be held by the Overseas Territorial Collectivité of Saint-Martin, with the remaining 40 percent managed by EDEIS. The consortium has pledged to immediately return four aircraft to service with plans for a fifth, and will focus mainly on essential routes in the French Antilles. The acquisition does not apply to Air Guyane's activities in French Guyana.
