What's the latest at Air Jamaica ?

[thehulk]

Hey, anybody out there know the latest going on at Air Jamaica ?
Heard they just put in a new CEO, some "Nobles" guy who apparently was there before. Any news ?

[aeroground]

Loss making Air Jamaica finally named a new CEO - industry veteran and former president the carrier Bruce Nobles.

Missing its original target date of the end of July in naming a new chief executive, Air Jamaica has opted to rehire Nobles, who served as president and COO of the airline from June 2002 to March 2003.

Nobles resume includes stints at Hawaiian Airlines, Pam AM, Continental, Republic Airlines and American. He also helped to establish Trump Shuttle - a failed carrier created by mogul Donald Trump out of carved up routes from Eastern Airlines. US Airways eventually took over Trump Shuttle.

Nobles returns to Air Jamaica as the carrier is navigating through a precarious financial situation. Losses from January to May reached $85 million, and earlier this year Jamaican Prime Minister Bruce Golding said the carrier costs more than $100 million to maintain.

Previously the Jamaican government has said it aims to divest Air Jamaica by the end of March 2009, but will retain a 20% stake in the carrier.

The government reasons it could take roughly $600 million to recapitalize the carrier.

[SpeedyG]

New CEO - Yippee so now the entire Management Team has to change to allow change to take place. - I don't think so, just another band-aid instead of stitches!!

[Bredrin]

Approximately 10 to 12 guys have been to the Middle East for interviews since June. I think that sums it up.

[thehulk]

Yeah, in this financial climate - who in their right mind is going to take over a cash strapped, loss making carrier like poor Air J, especially when the Gov't wants to retain a 20% stake. And what if they are not able to divest the national carrier ? Shut it down ? Halve the operation ?
Hope for the best !

[waves-dubai]

Whomever wins the bid or is selected to have the majority share will receive a debt free carrier..The Government of Jamaica has decided to absorb all the debt....They are currently looking to partner with an international airline..