Airline revenue trapped in Venezuela

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By TESTCustomwebLP TESTCustomwebLP January 28, 2014 21:10

Airline revenue trapped in Venezuela

Airlines have effectively had their revenue from tickets sales in Venezuela – approximately $3.3bn – trapped by currency controls. So far local reports stated that the airlines owed money have refused the government’s offer to honour that debt with bonds, cash, and jet fuel. United Airlines is owed $80 million, while Copa Airlines is owed $400 million. Both are likely to have to write off some of those amounts.

Several airlines have now stopped selling tickets in Venezuela, including Air Canada, Air Europa and TAME. American Airlines has stated that it is working with the government to receive its money and so far has no plans to halt flights.

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By TESTCustomwebLP TESTCustomwebLP January 28, 2014 21:10
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