Alert Memorandum: Caribbean Sun Airlines, Inc. Has Not Responded to the Department of the Treasury’s Notice of Non-Compliance with the U.S. Treasury Aviation Loan and Guarantee Agreement
Alert Memorandum: Caribbean Sun Airlines, Inc. Has Not Responded to SIGPR’s Direct Loan Program Survey
Implementation Review: Loan Agreements Need to Provide for Appropriate Access to the Special Inspector General for Pandemic Recovery, July 28, 2020
The objective for this management advisory report was to monitor and assess how the company is using CARES Act funds and the controls it has in place to accurately account for and report on them. The company experienced a sharp drop in ridership and passenger revenues in March 2020 as a result of the coronavirus pandemic. The company’s response included aggressive cost-cutting actions such as cancelling some of its train service and reducing management pay and retirement benefits. Despite these actions, the company projected that revenues would still not cover its reduced costs and requested...