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ir J privatization update 
Friday, 13 February 2009 
[COLOR=blue ! important][COLOR=blue ! important]Airline[/COLOR][/COLOR] consultancy firm, GRA Inc. says Air Jamaica is considered a significant turnaround opportunity for an airline [COLOR=blue ! important][COLOR=blue ! important]investor[/COLOR][/COLOR].
The consultants arrived at this position following the findings of a private-equity due diligence conducted by the group, in preparation for the privatization of the national carrier by March 31.
GRA was hired to carry out the study by the airline privatization project's lead advisors, International [COLOR=blue ! important][COLOR=blue ! important]Finance[/COLOR][/COLOR] Corporation (IFC), which is the private sector arm of the World [COLOR=blue ! important][COLOR=blue ! important]Bank[/COLOR][/COLOR] which the Government contracted on March 31 last year to [COLOR=blue ! important][COLOR=blue ! important]monitor[/COLOR][/COLOR]
the process.
In a progress report of activities over the 10-month period leading up to January 31, IFC reported that it has implemented a number of major tasks aimed at making the airline attractive.
The report, which was released by the Air Jamaica Privatization Committee, lists among IFC achievements the mobilization of $1.6 million in donor funding in four weeks.
IFC and the consultants also developed a 17-point action plan, aimed at improving Air Jamaica's financial performance.
However, implementation was delayed until a new [COLOR=blue ! important][COLOR=blue ! important]management [COLOR=blue ! important]team[/COLOR][/COLOR][/COLOR] was put in place at the airline.
In addition, the IFC launched pre-marketing activities by contacting more than 100 potential investors to gauge their interest in the project.
Friday, 13 February 2009 [COLOR=blue ! important][COLOR=blue ! important]Airline[/COLOR][/COLOR] consultancy firm, GRA Inc. says Air Jamaica is considered a significant turnaround opportunity for an airline [COLOR=blue ! important][COLOR=blue ! important]investor[/COLOR][/COLOR]. The consultants arrived at this position following the findings of a private-equity due diligence conducted by the group, in preparation for the privatization of the national carrier by March 31.
GRA was hired to carry out the study by the airline privatization project's lead advisors, International [COLOR=blue ! important][COLOR=blue ! important]Finance[/COLOR][/COLOR] Corporation (IFC), which is the private sector arm of the World [COLOR=blue ! important][COLOR=blue ! important]Bank[/COLOR][/COLOR] which the Government contracted on March 31 last year to [COLOR=blue ! important][COLOR=blue ! important]monitor[/COLOR][/COLOR]
the process.
In a progress report of activities over the 10-month period leading up to January 31, IFC reported that it has implemented a number of major tasks aimed at making the airline attractive.
The report, which was released by the Air Jamaica Privatization Committee, lists among IFC achievements the mobilization of $1.6 million in donor funding in four weeks.
IFC and the consultants also developed a 17-point action plan, aimed at improving Air Jamaica's financial performance.
However, implementation was delayed until a new [COLOR=blue ! important][COLOR=blue ! important]management [COLOR=blue ! important]team[/COLOR][/COLOR][/COLOR] was put in place at the airline.
In addition, the IFC launched pre-marketing activities by contacting more than 100 potential investors to gauge their interest in the project.
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