GOVT. TO INCREASE STAKE IN AIR JAMAICA.
Finance Minister Omar Davies also announced a Government guarantee for a US$45 million loan to Air Jamaica:
The loan will be used to cover a US$33 million 12-month (short term) loan that the airline obtained last year and which was due for repayment soon. In November 1994, 75% of the airline was sold to an Air Jamaica Acquisition Group led by hotelier Gordon "Butch" Stewart; The Government has pumped in over US$150 million into Air Jamaica since privatization in 1994. Since then, the airline has transformed its image, acquiring a new fleet of planes, expanding and diversifying its service in North America, Britain and the Caribbean and improving its service. But it has continued to lose money.
|Printer friendly Cite/link Email Feedback|
|Comment:||GOVT. TO INCREASE STAKE IN AIR JAMAICA.|
|Date:||Aug 1, 2000|
|Previous Article:||GOVT. ON TARGET FOR LARGE LOANS.|
|Next Article:||COMPUTER/PERIPHERALS MARKET.|