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Monday, 17 March 2008
World renowned consultants, International Financial Group (IFG), has been contracted by the government to help the national airline find a financial partner.
Air Jamaica has been struggling with mounting debt and has cited divestment as a means of survival.
News emerged on Monday that the government is looking to sign a partner to help the airline in its bid to soar to success.
Since taking office last September, the government has been under mounting pressure to plug the haemorrhage of capital at the airline.
Late last year the government indicated that it was considering divesting the airline with Minister without Portfolio in the Finance Ministry Don Wehby leading the charge in the hunt for buyers.
ON Monday the airline's Senior Vice President of Sales and Marketing, Paul Pennicooke, told RJR News that the International Financial Group has been asked to find a partner.
IFG's website said it works with client companies from more than 80 countries on board practices, shareholder rights, the internal control environment, transparency and disclosure.
Mr. Pennicooke said the airline hopes the new partner will pump much needed capital into the struggling entity.
The airline also disclosed that restructuring the airline, which could result in much dreaded layoffs, remains on the cards.
Air Jamaica's Chairman Shirley Williams declined to give details of the restructuring programme in deference to an agreement with the workers' union.
But she told RJR News she has been holding a series of meetings with staff on the issue.
World renowned consultants, International Financial Group (IFG), has been contracted by the government to help the national airline find a financial partner.
Air Jamaica has been struggling with mounting debt and has cited divestment as a means of survival.
News emerged on Monday that the government is looking to sign a partner to help the airline in its bid to soar to success.
Since taking office last September, the government has been under mounting pressure to plug the haemorrhage of capital at the airline.
Late last year the government indicated that it was considering divesting the airline with Minister without Portfolio in the Finance Ministry Don Wehby leading the charge in the hunt for buyers.
ON Monday the airline's Senior Vice President of Sales and Marketing, Paul Pennicooke, told RJR News that the International Financial Group has been asked to find a partner.
IFG's website said it works with client companies from more than 80 countries on board practices, shareholder rights, the internal control environment, transparency and disclosure.
Mr. Pennicooke said the airline hopes the new partner will pump much needed capital into the struggling entity.
The airline also disclosed that restructuring the airline, which could result in much dreaded layoffs, remains on the cards.
Air Jamaica's Chairman Shirley Williams declined to give details of the restructuring programme in deference to an agreement with the workers' union.
But she told RJR News she has been holding a series of meetings with staff on the issue.
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