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4 planes seized from Caribair over debts
posted on: Aug 25 2010 9:25 by Royston. Viewed 477 times.
In response to a court ruling, a U.S. bank this week seized four planes belonging to the Dominican airline Caribair for alleged non-payment of a debt of more than a million dollars.
The Plus International Bank, based in Florida, USA, has been awarded the planes in lieu of a claim for US$1,650,712.92 against Caribair.
The decision was ordered last Friday by the Civil and Commercial Court in Santo Domingo, presided over by Judge Rafael Delfin Perez.
The planes impounded include a Jetstream, a Piper, and two Saabs. Three of the planes were taken from the company's hanger at Joaqun Balaguer International Airport, and the fourth was seized at Punta Cana International Airport where it was undergoing repairs.
According to businessmen and civil aviation experts, this ruling creates a precedence in the Dominican Republic which will make local businesses wary of borrowing from foreign banks.
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