Français
The Commercial Court of Pointe-à-Pitre has ordered the judicial liquidation of Air Antilles. The ruling was handed down on Monday, April 27. It explains the rejection of the takeover bids submitted since the company was placed under receivership on February 2.
“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 the persistent operating losses,” the court order issued on Monday explains.
Three acquisition offers had been shortlisted. The first came from a consortium of investors led by Pewen for a purchase price of €200,874. 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 judges noted. The proposed sale price was three million euros. The potential buyer had also mentioned a €90 million loan granted by a Turkish fund (BIOKIMYAS 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 take on SAEM Air Antilles personnel.
It is specified in the judgment issued on Monday, April 27, that, in an email sent on April 23, 2026, the Directorate General of Civil Aviation (DGAC) indicated that it did not consider the offer submitted by the candidate Karaibes Eco Rayonnance Consulting LDT to be lacking in credibility. Regarding the bid submitted by Pewen, the DGAC considers the proposed takeover plan to be “confusing” and “unrealistically feasible,” particularly in light of competition, the reliance on Air Calédonie under an ACMI (“Aircraft, Crew, Maintenance, and Insurance”) arrangement, Crew, Maintenance, and Insurance), even though the latter is currently undergoing receivership proceedings, 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 candidate’s withdrawal. Regarding the bid from Aerostravia Rent, the court notes that it pertains only to isolated assets, specifically a contract covering an aircraft and technical inventory. The judges ruled that this bid, which does 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.
Finally, the bid 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 obviously 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 appreciate the difficulties posed by the procedure, as well as the conditions that must be met 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 to serve as liquidator. The liquidator will carry out the liquidation proceedings while simultaneously completing, if necessary, the verification of claims and establishing the order of priority among creditors.
The Territorial Collectivity of Saint Martin, the majority shareholder, has invested more than 16 million euros in the company since its partial takeover in late September 2023.
