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The venture was short-lived. After being taken over by the Territorial Collectivity of Saint Martin and the company Edeis in October 2023, Air Antilles was placed in receivership on Monday, April 27, by the Mixed Commercial Court of Pointe-à-Pitre. The court rejected the takeover bids submitted since the company was placed in receivership on February 2. This decision leaves 116 employees out of work and foreshadows a difficult end to the term of office for the president of the Territorial Collectivity of Saint Martin, Louis Mussington, as the Collectivity had injected more than 21 million euros into the airline between October 2023 and March 2026.
Liabilities estimated at 56 million
“During the observation period, the administrator concluded that it was impossible to present a recovery plan based on continued operations, given the size of the liabilities—estimated at over 56 million euros—and in light of persistent operating losses,” the court order issued on Monday, April 27, explains. The document outlines the judges’ reasoning and reviews the three acquisition offers that were initially considered but ultimately rejected.
The first came from a consortium of investors led by the company Pewen, for a sale price of 200,874 euros. Its plan called for the immediate retention of 13 employees out of a total workforce of 116, while projecting future growth to as many as 120 employees by 2028.
The second was submitted by Karaibes Eco Rayonnance Consulting LDT, a holding company registered in London, whose capital is held by non-European interests. “The offer is vague regarding the scope of the assets but indicates an intention to take over the entire business,” the April 27 ruling states. The offer proposed retaining 104 of the 116 employees. “However, no details are provided regarding the preservation of social benefits or the organization of work,” the order notes. The proposed sale price was three million euros. The potential buyer had also mentioned a 90-million-euro loan granted by a Turkish fund (Biokimias Bilisim), “without, however, providing a demand guarantee or proof of the immediate and transferable availability of the funds within the Eurozone,” the ruling states.
The third, partial offer came from Aerostravia Rent SARL. This is a limited liability company with a capital of 100,000 euros, registered in the Melun Commercial Register, specializing in the management of aviation assets and backed by a maintenance and training group. “ “The offer is strictly partial and concerns the assumption of a lease agreement for a DHC6-400 Twin Otter aircraft, as well as the entire inventory of spare parts and tools specific to this type of aircraft,” the judges emphasize. Furthermore, the offer made no mention of any commitment to retain SAEM Air Antilles personnel.
A “Confusing” Takeover Plan
It is specified in the court order issued on Monday, April 27, that, in an email sent on April 23, 2026, the Directorate General of Civil Aviation (DGAC) indicated that it “does not consider the offer submitted by the candidate Karaibes Eco Rayonnance Consulting LDT to be lacking in credibility.” Regarding the offer submitted by Pewen, the DGAC considers the proposed takeover plan to be “confusing” and “unrealistically feasible,” particularly in light of competition and the reliance on Air Calédonie under an ACMI agreement (“Aircraft, Crew, Maintenance, and Insurance”), Crew, Maintenance, and Insurance), even though the latter is currently undergoing receivership proceedings. Not to mention “the significant maintenance the fleet requires and the non-committal positions of Air France and Air Calédonie.”
The bid from Karaibes Eco Rayonnance Consulting LDT did not need to be rejected, as the court was informed of the bidder’s withdrawal. Regarding the bid from Aerostravia Rent, the court noted that it pertains only to “isolated assets,” specifically a contract covering an aircraft and technical inventory. The judges ruled that this bid, which did not provide for any job retention, is “completely devoid of a social component” and does not meet any of the legal objectives of the business sale. It was therefore rejected.
Lack of guarantees
Finally, the offer from the Pewen consortium. “While it presents a structured business plan, it must be noted that it faces insurmountable financial and legal obstacles,” the ruling states. The retention of only 13 out of 116 employees clearly did not help convince the judges of the mixed commercial court. Nor did the lack of assurance regarding the retention of many employees as the new company’s operations expand. Furthermore, the judgment notes that “the bidder does not sufficiently grasp the difficulties posed by the procedure as well as the conditions required to obtain the administrative authorizations and licenses necessary for operating the business.”
Consequently, the takeover bids were rejected, and Air Antilles was placed in judicial liquidation. SCP BR Associés was appointed as the judicial administrator and liquidator. The liquidator will proceed with the liquidation process while finalizing the verification of claims and establishing the order of priority for creditors.
Public Funds Lost
The Territorial Collectivity of Saint Martin, the majority shareholder, has invested more than 21 million euros in the company since its partial takeover in October 2023. At the time, only 120 of the former company’s 296 positions had been retained.
In a press release, the Air Antilles inter-union group (SNPNC/SNPL/UNSA) calls the situation “a disaster” and harshly criticizes the decisions made over the past months by the company’s leaders—particularly elected officials. “The unions denounce a series of reckless decisions, inconsistent judgments, and a clear lack of foresight that have led to the destruction of an essential tool for opening up air access to our territories,” the statement reads, as reported by La 1ère. “The public funds committed by the Collectivité of Saint-Martin are now lost, without the public having received the service and stability that were promised to them. A poorly prepared and socially disconnected resumption.”
The inter-union group cites “a major social shock and a serious disruption in the continuity of regional air service.”
Economically and politically, this failure will leave a lasting mark on the Collectivité of Saint Martin. It will also be linked to the tenure of President Louis Mussington, who, as we went to press, had not commented on the decision of the mixed commercial court.
