The Antigua & Barbuda government says it has made the first installment of the LIAT Employees Compassionate Payment Bond, which has since been transferred to BDO Eastern Caribbean for distribution to eligible former LIAT employees.
A statement by the Office of the Prime Minister said the payment allows former LIAT workers who were stationed in Antigua to begin receiving payments toward their severance.
The Compassionate Payment Bond, issued by the government, is a 10-year bond valued at EC$16.72 million with an annual interest rate of two per cent.
The statement said the bond addresses Antigua and Barbuda's 32 per cent share of the severance owed to 405 former LIAT employees, reflecting the nation's ownership share in the regional airline.
LIAT 1974 Ltd had been under administration since July 24, 2020.
It was declared bankrupt in January last year.
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