Air Antilles has developed a business continuity plan

During the debate on budgetary guidelines held last Friday during the plenary session of the territorial council, the Director General of Community Services (DGS) provided an update on the situation of the semi-public company Air Antilles (société d'économie mixte, SEM), as elected officials will be called upon to vote on a budgetary measure.

As a reminder, Air Antilles was placed in receivership on February 2 by the commercial court, and a receiver was appointed to replace the managers for the duration of the proceedings. The receiver decided to draw up a plan to continue the business, confirmed Natacha Petrine, the COM's DGS. “She has issued a call for tenders to a group of investors who may be interested in the business continuation plan, inviting them to come forward so that they can inject money into SEM Air Antilles,” she reported.

It is also envisaged that the COM will “convert the advance into a current account [made in 2024 in the amount of €6 million] into a capital increase to show that the COM is still committed to this project and wishes to continue,” said the DGS. But this is only an “option” at this stage.

Furthermore, receivership is a collective procedure that requires elected officials to “set aside a certain amount in the budget.” “We are setting aside funds for a risk that may materialize,” explained Natacha Petrine. This “accounting provision” will have to be included in the 2026 preliminary budget that elected officials will vote on in a few weeks. The amount is not fixed and may be spread over several financial years. It is determined based on “the risk that the administration believes weighs on the community.” “If the business continuation plan works, the provision will be canceled,” said the DGS.

Finally, Natacha Petrine added that if the business continuity plan does not work, the court-appointed administrator may implement a plan to sell off assets and then consider judicial liquidation.