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February 18, 2008 |
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AIR JAMAICA: Suspending Weekly Flights to St. Lucia on April 1 Air Jamaica will suspend its three weekly flights to St. Lucia on April 1, 2008, as part of its restructuring efforts, Radio Jamaica reports. Air Jamaica's marketing and sales senior vice president Paul Pennicook told Radio Jamaica that the airline was forced to suspend the flights because of its corporate restructuring, which entails streamlining and route rationalization. St. Lucia's tourism and civil aviation minister Allen Chastanet told Radio Jamaica that the nation will welcome Air Jamaica back anytime as it has done the country and the Caribbean proud with its commitment to excellence even during the tough aviation climate in the region. 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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