Venezuela Offers Airline Settlements

Tame, AeroMexico, Aruba Airlines and Insel Air have agreed with the Venezuelan government to receive revenues locked out from them by currency controls. The airlines are reported to have settled for $200m between, at an unknown discount to what was actually owed. Other international airlines, including Iberia, Air Europa, Air France, TAP and Delta, will also receive an offer soon, though these have all previously insisted that they be paid in full. More than $4bn is still trapped in Venezuela, with airlines demanding that funds are converted at the old rate of 6.3 bolivars to the dollar, rather than far more disadvantageous rate that exists today.

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