CaribWorldNews, KINGSTON, Jamaica, Weds. April 28, 2010: The Jamaica cabinet yesterday officially approved the divestment of Air Jamaica to Caribbean Airlines.
The divestment will be effective as of Friday, April 30th. Minister of Finance and the Public Service, Audley Shaw, made the announcement following the Cabinet meeting at Jamaica House on Tuesday.
Shaw said Chairman of Air Jamaica, Dennis Lalor, who is also Chairman of the Divestment Sub-committee of the Board of the airline, as well as its President, Bruce Nobles, will provide full details of the divestment at a press conference scheduled for today at 1 p.m. at Air Jamaica`s head office, Harbor Street, downtown Kingston.
He said that in addition to the press conference, he will make a detailed statement on the divestment to Parliament next Tuesday, May 4th.
Air Jamaica was scheduled to be divested by April 12, but the deadline was extended by mutual agreement between both parties to April 30, to allow them to complete their negotiations and ensure a seamless launch of the operation into the transition period which may last up to one year.
The Government of Jamaica is spending some US$200 million on meeting the airline`s outstanding obligations during the transitional period.