Caribbean Airlines reportedly the front runner to acquire Air Jamaica
Caribbean Airlines, based in Trinidad, is reportedly the front runner to acquire Air Jamaica (Caribbean Business Report, 18-Dec-2009). Jamaica's Prime Minister, Bruce Golding, met with officials in Trinidad on 16-Dec-2009 to discuss the matter and negotiations are reportedly at an advanced stage. The International Finance Corporation (IFC), a private sector arm of the World Bank, is charged with the responsibility of divesting Air Jamaica. There are reportedly other bids for the carrier and the divestment team is yet to make an evaluation and a recommendation to the Jamaica Government. Air Jamaica, which has USD1 billion in debts, was reportedly earlier the target of Indigo Partners and Oaktree Capital.
Caribbean Airlines: “We took an in-depth look into it and found that it offered an opportunity for the vision of a one Caribbean airline or one airline to serve the Caribbean. It was an elusive dream in the past. We had submitted a proposal to the International Finance Corporation and the investment team. The proposal was submitted within the time frame we were allowed”, Arthur Lok Jack, Chairman. Source: Trinidad Guardian, 19-Dec-2009.
Jamaican Government: “Caribbean Airlies has a view and a vision of One Caribbean and one airline serving the Caribbean. We have indicated to them that while we support the concept of a regional carrier we have particular interests that have to be served”, Bruce Golding, Prime Minister. Source: Radio Jamaica, 18-Dec-2009.