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February 8, 2008 |
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AIR JAMAICA: Starts Job Cutting Plan at Miami Marketing Dept. Air Jamaica's two marketing staffs at Miami have been laid off as the airline company plans to cut jobs by an estimated 30 percent, sources told CaribWorldNews. According to the report, the two employees were given only a week's notice about their dismissal. A representative declined to comment on the matter, the report said. The carrier, which is losing over US$100 million per year, was also given until today by union officials to present a wage offer to workers who are said to be restive over the slow pace of negotiations for a new contract, CaribWorldNews relates. Air Jamaica may be up for privatization as Prime Minister Bruce Golding said it is costing the country too much to maintain the airline and that the government is looking to remove it from the national budget, CaribWorldNews adds. Headquartered in Kingston, Jamaica, Air Jamaica -- http://www.airjamaica.com/ -- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government assumed full ownership of the airline after an investor group turned over its 75% stake in late 2004. The government had owned 25% of the company after it went private in 1994. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on June 12, 2007, Moody's Investors Service assigned a rating of B1 to Air Jamaica Limited's guaranteed senior unsecured notes. On July 21, 2006, Standard & Poor's Rating Services assigned a "B" long-term foreign issuer credit rating on Air Jamaica Ltd., which is equal to the long-term foreign currency sovereign credit rating on Jamaica, based on the government's unconditional guarantee of both principal and interest payments. |
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