There is more instability to report in the bus industry tonight. 6 busses are parked are what was formerly known as the Novelo’s depot. They were impounded by a receiver acting on the order of the Atlantic Bank. The Belize Bus Drivers Cooperative has reportedly been unable to meet its commitments at the Atlantic Bank – and the bank moved to seize its assets this weekend.
Expecting the seizure, the principals of the cooperative went to the Transport Board on Friday to ask for permission to hire buses from other operators to complete their runs today. That permission was granted and the cooperative reportedly service its routes today under that arrangement.
Principals informed the transport authority that it would be seeking other financing arrangement to continue operations. In the meantime, there could be some contention as - under the new rules - the cooperatives road service permits are not transferable by assignment, seizure or sale.
