The committee working on Air Jamaica's re-privatization effort has recommended a potential investor to the Jamaican government, airline president CEO Bruce Nobles tells ATI.
"Now the proposal needs to be reviewed against various alternatives and the [government of Jamaica] will decide what is the best solution for Jamaica in due course. The process will likely take some time to complete," he says.
The recommendation comes as the government-imposed deadline to divest the flag carrier this month expires. Jamaica's government failed to meet a previously-set March deadline to secure a buyer for the carrier, which carries outstanding loans of more than $600 million, and estimated annual losses of more than $150 million.
Interest in the carrier has varied as one of three bidders bowed out by May, but at the time Nobles told ATI that a new third party had recently expressed interest in Air Jamaica.
Potential buyers for Air Jamaica have not been identified, and Caribbean Airlines CEO Philip Saunders tells ATI that local press reports that his carrier is one potential bidder is "speculation".
Source: Air Transport Intelligence news
