Manufacturing Industry
Government to take control of Air Jamaica
Airline Industry Information, Dec 24, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Air Jamaica is to be returned to government control in a debt swap deal after its major shareholder Gordon 'Butch' Stewart decided to pull out of the airline.
Jamaica's Finance and Planning Minister said that the airline would be returned to government control within weeks and that it would then be recapitalised.
The struggling carrier is laden with debt caused by rising wages, high fuel costs and the slump in air travel following the 9/11 terrorist attacks on the US, reports Reuters.
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