The new Panam to the rescue of Tame EP?

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Is the new Panama coming to Ecuador to the rescue of the airline in liquidation Tame EP? The answer is yes, but maybe not.

A series of documents have been circulating on social networks in Ecuador for a few days, trades or letters of what is the rebirth of the Panamanian airline, in the revival of this traditional and historic North American airline, addressed to the current General Manager of Tame EP and other country authorities.

After researching about it, It was confirmed that the context of these documents are true, information corroborated by Panam itself, in its intention to acquire Tame.

For example, some sections of these documents were published on Twitter, most of which are signed by the President of the Dois G airline.. Tatum.:

pic.twitter.com/cRcNkp1utD

— Eduardo Emanuele 🇪🇨🇮🇹 (@caedemmo) September 16, 2020

But in general summary, the proposal of the new PAWA – Pan American World Airways was next:

• Form a joint venture with PAWA.
• PAWA committed to assume the entire debt of Tame EP with the option to negotiate the payment of said debt, although he clarified that the final amount of the debt is not clear based on the documents delivered by the Ecuadorian airline.

Additional, Panama proposes two scenarios to move forward with this process:

• Create a joint venture in the form of SAS in Ecuador, where Tame would only earn a percentage of the destination network profit from Ecuador of approximately $10 million in the first year.
• Tame EP becomes a shareholder of PAWA with 1 million shares with estimated earnings of $67 million in the first year of operations.

But for all this to materialize, There are key conditions that the Ecuadorian government should meet, one is immediately reverse the Presidential Decree to liquidate Tame EP, given that Panama seeks to start operations from November 2020, Therefore, it seeks a regional base of operations to do so in the shortest possible time and immediately stop the sale of the aeronautical assets of the public company in liquidation..

Despite the fact that the same statements indicate that the value of the debt is not clear or exact, In exchange, Panama agrees to move forward with this process at:

• Negotiate and pay all the debt.
• Open a Latin American hub in Quito.
• employ more than 1.200 people possibly former Tame employee.
• Invest in all operating costs to start flights.

However, Is this process going to be finalized?? We asked the airline about the veracity of the documents as well as the status of the negotiation and this was the answer:

Basically, the letters sent are true, but the negotiation did not progress within the period of 3 months and the airline has decided not to advance with the process in Ecuador and will now seek to position itself in Costa Rica or Colombia as possible corporate centers in South America.

For now, it seems that this proposal would have no future and the normal process of Tame EP liquidation would run its course.

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