Troubled airline Fly Jamaica is seeking protection from creditors as it tries to restructure and stay in business or explore other options, such as a sale. That filing for bankruptcy protection with the Office of Insolvency was done on October 29, according to Marlon Murdock, the agent for Fly Jamaica trustee Wilfred Baghaloo.

It follows the unravelling of a nascent deal over the summer with a group of investors seeking to acquire the airline from founder Paul Reece. Murdock told the Financial Gleaner that Fly Jamaica is preparing a proposal for creditors to vote on, which was preceded by a ‘Notice of Intention’ in the press.

“The process now is that since Fly Jamaica has filed a notice of intention, they had an initial 30 days to put together a proposal that they were going to present to creditors, who will then vote on it so that they can either accept or reject,” the agent said. ‘They’ve been given an extension for that initial 30 days so the new date will be January 14, 2020,” Murdock added. So far, Fly Jamaica has presented a list of 259 creditors, who are owed US$21.86 million ($2.9 billion).(Stabroeknews)…[+]