Caribbean Airlines buys Air Jamaica !!!

[Xavier]

Just got word from a source in Jamaica that Caribbean Airlines has bought Air Jamaica and they will announce it next month. Can anyone confirm this?

[evanovitch]

Re: Caribbean Airlines buys Air Jamaica !!!

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xavier</div><div class="ubbcode-body">Just got word from a source in Jamaica that Caribbean Airlines has bought Air Jamaica and they will announce it next month. Can anyone confirm this? </div></div>

stale news...mi post dat arreddy not to mention mi did post di Trinis disapproval of di buy out before mi post dat di sale was going tru...

please merge

[evanovitch]

stale news...read mi previous posts dem

Caribbean Airlines to soon own AIR J
<span style="font-weight: bold">Wednesday, 13 January 2010 </span>
The long expected divestment of Air Jamaica now seems to be close at hand, almost a year later than originally planned.

Despite some local opposition in Trinidad &amp; Tobago that country's state owned Caribbean Airlines, is now apparently ready to take the failing Air Jamaica off the Jamaican government's hands.

Sources close to the divestment talks say a final deal with the Trinidadians is almost complete, with an agreement seeing Caribbean Airlines absorbing Air Jamaica into its operations just days away from being signed.

It is understood that the Trinidadian government will not pay any money but the Jamaican government will be getting a stake in Caribbean Airlines.

Less than half of 1,200 workers to keep their jobs

It is also understood that under the pending agreement, the name Air Jamaica which the Jamaica government was adamant be kept, will go and so will most of the airline's staff.

Early projections from Caribbean Airlines are that only 350 of the now more than 1,200 staff members will be kept.

Already the Bruce Golding administration is considering setting aside $27 billion in next year's budget to tackle the costs that will come with the divestment of the airline, including redundancy payments, overseas taxes and leases for aircraft that will no longer be needed in a new structure.

Altogether, the talk is that at least three routes, Havana, Cuba, Orlando, Florida and Nassau, Bahamas will be cut, but negotiations are taking place to try to keep at least one.

Air Jamaica has lost at least US$90 million already this year and projections are that losses before divestment could mount to US$120 million.

Saving jobs

Ahead of the official announcement of Air Jamaica's divestment, the main trade union that represents workers at the national airline is already making a pitch to save some of the jobs.

According to Kavan Gayle, President General of the Bustamante Industrial Trade Union, it is crucial for the negotiators to consider retaining some of the airline's staff in the new dispensation.

&quot;If a deal is brokered between Caribbean Airlines and the government of Jamaica we would hope that deal would include utilizing the staff at Air Jamaica as greatly as possible because of a number of reasons: the market that Air Jamaica carries is a market that is expertly driven by the culture that we have in terms of effectively carrying the tourists. Additionally, we believe that the Air Jamaica staff has the level of competency and experience in performing the service require by any airline&quot; he said.

[evanovitch]

Re: Caribbean Airlines buys Air Jamaica !!!

<span style="font-weight: bold">Tuesday, 05 January 2010 </span>

More opposition is being raised in Trinidad to their government taking over Air Jamaica through the state owned Caribbean Airlines.

The reason for the opposition relates chiefly to what it is believed it will cost Caribbean Airlines to assume control of the Lovebird, even though no figure for either a takeover or capital injection to keep Air Jamaica running has been published.

But that has not stopped Trinidadians from expressing strong feelings against what is regarded as an impending deal with Air Jamaica.

There appears to be growing concern in the twin island republic that a takeover of Air Jamaica by their government will cost tax payers billions, while bringing no real benefit to regional travellers.

A Trinidad Guardian newspaper report urged their government to drop takeover talks.

The President of the Trinidad Travel Agents Association says based on what he has heard it sounds like the Trinidad government would be spending taxpayers' money on the airline rather than the Jamaican government.

At present Air Jamaica loses about US$10 million per month and needs government guaranteed loans to cover their operational costs.

It is a cost the newspaper article quotes the President of the Trinidad Travel Agents Association as saying the country &quot;cannot take on as it would mean their government will be bailing out two airlines as Caribbean Airlines is also losing money&quot;.

RJR News could not ascertain how much money Caribbean Airlines lost in 2009...but we know at the end of 2008, the Trinidad carrier had turned a small profit after replacing the loss making BWIA in 2006.

Currently, the Trinidad government subsidises the operations of Caribbean Airlines transferring upwards of 495 million TT dollars towards operational costs in fiscal 2008 and 2009.

It is feared similar sums would have to be forked out for Air Jamaica in a merged company...plus Trinidadians are worried they will be saddled with the US$250 million it will cost to wrap up Air Jamaica including sums for redundancy.
_________________________
Don't care how much canary seeds you feed john crow, he will never be able to sing one single note

[Xavier]

Re: stale news...read mi previous posts dem

I need to PM you first before I post...DWL

[evanovitch]

Re: stale news...read mi previous posts dem

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xavier</div><div class="ubbcode-body">I need to PM you first before I post...DWL </div></div>

dats fi sure...n mi no even pon mi game like fuss time

[Emperah]

Re: stale news...read mi previous posts dem

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xavier</div><div class="ubbcode-body">I need to PM you first before I post...DWL </div></div>

dats fi sure...n mi no even pon mi game like fuss time </div></div>

das why wi fi call yuh RSS evanovitch

[Xavier]

Re: stale news...read mi previous posts dem

I am going to stick to sports...

[H_O]

Re: Caribbean Airlines buys Air Jamaica !!!

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xavier</div><div class="ubbcode-body">Just got word from a source in Jamaica that Caribbean Airlines has bought Air Jamaica and they will announce it next month. Can anyone confirm this? </div></div>

so if you need to confirm this, mean seh yuh source is unreliable..
hence you need a better source

[Xavier]

Re: Caribbean Airlines buys Air Jamaica !!!

Someone on Jamaicans.com always seems to know what is going on before it happens...

[sistactry]

Re: stale news...read mi previous posts dem

but Vannie, dont the govt of Ja retained part ownership, me lazy fe read all a wha put up~

[Wendy]

Re: stale news...read mi previous posts dem

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Xavier</div><div class="ubbcode-body">I need to PM you first before I post...DWL </div></div>

BOAL di wan time yuh neva ask

I agree ...Please consult evan before yuh put anyting else pan di board And dats goes fi sports to

<span style="font-style: italic">Still a laff</span>

[evanovitch]

'Air J'ca buy a good move' for Caribbean Airlines

'Air J'ca buy a good move' for Caribbean Airlines

...minus the US$900-m debt


Friday, January 15, 2010


TRINIDAD &amp; Tobago's Caribbean Airlines should attempt to take over struggling carrier Air Jamaica only if it does not include the company's massive US$900-million debt.

This was the opinion expressed by Ian Bertrand, aviation consultant and former chief executive of BWIA, the predecessor company of Caribbean Airlines.



Air Jamaica's government guaranteed debt stands at US$650 million, with another US$200 million in short-term debt, Bertrand said during a lecture titled 'Meeting the Challenges of the Aviation Industry in the Caribbean-Whither Air Jamaica' at the University of the West Indies, St Augustine.

If the airline has to be divested, it will involve another US$50 million to reduce personnel, he suggested.

&quot;Once you are not taking all that debt and you don't have the tourism obligation (that the Jamaican government demanded of Air Jamaica in past decades) and you had the money to capitalise the airline, then it might not be a bad time for a merger' between Caribbean Airlines and Air Jamaica,&quot; Bertrand said.

The International Monetary Fund has specified that the Jamaican government must sell Air Jamaica if it is to qualify for a nearly US$1.3-billion aid loan.

But Bertrand said if anyone had to buy Air Jamaica from that country's government, they should not spend more than one dollar for it because of its debt.

Another possible option would be for Air Jamaica and Caribbean Airlines to approach aircraft suppliers together, change their machinery to one type of airplane and thus reduce costs.

Prof Norman Girvan of UWI's Institute of International Relations was also scheduled to comment at the seminar yesterday, but was delayed in Jamaica.

Head of Economics at UWI Martin Franklin delivered Girvan's comments, which suggested that with Jamaica under pressure from the IMF to divest Air Jamaica, Caribbean Airlines might have 'considerable leverage' to negotiate with the Jamaican government.

Caribbean Airlines and Government are continuing discussions with the Jamaican government to explore acquiring Air Jamaica.

[evanovitch]

New board of Air Jamaica announced

New board of Air Jamaica announced


Consequent on the expiration of the term of the previous Board, Minister of Finance &amp; the Public Service, Audley Shaw, has appointed a new 5-member Board at Air Jamaica, to oversee the transitional arrangements and legacy issues surrounding the divestment of the airline.


The full membership of the new Board comprises:


1. Hon. Dennis Lalor - Chairman, ICWI Group

2. Mr. Christopher Zacca, Special Adviser to the Prime Minister

3. Dr. Wayne Henry, Special Adviser to the Minister of Finance and the Public Service

4. Mrs. Sancia Templer, President, Jamaica Trade &amp; Invest (and)

5. Mr. Christopher Berry, Chairman, Mayberry Investments.


In addition, an Air Jamaica transition management committee has been set up to help guide the process, which is to be led by Mr. Bruce R. Nobles, President and CEO of Air Jamaica.

Minister Shaw expressed appreciation to outgoing Chairman of the Board of Air Jamaica, Ms. Shirley Williams, for guiding the airline through very challenging times, and also thanked other members of the outgoing Board for volunteering their time and expertise to the national airline in recent times.

The appointment of the new board became effective on Tuesday, January 5, 2010.

[evanovitch]

Trinidad PM criticizes media for airline merger speculation

Trinidad PM criticizes media for airline merger speculation
Friday, 15 January 2010
Trinidad and Tobago's Prime Minister Patrick Manning has lashed out at the media which Thursday speculated about the ongoing negotiations relating to the merger of Caribbean Airlines and Air Jamaica.

Mr. Manning said Jamaica's Prime Minister, Bruce Golding, had made a statement on the project, and due to a confidentiality clause, he was unable to comment further.

He lashed out against media reports which he said continued to speculate on the cost and time frame for completion of the merger deal.

Speaking at his government's weekly post cabinet briefing Thursday, Mr. Manning said negotiations had reached a &quot;sensitive&quot; point and he did not want to railroad the process, as it can be a lost opportunity for both countries, as well as for the airline and tourism industries.

Mr. Manning said the government saw the merger as an important development for the Caribbean region and he was giving the process every opportunity to succeed.