Mar 2006 Financial News

US$250m for BWIA

Mar 27, 2006

GOVERNMENT will invest US$250 million to assist national airline, BWIA, get off the ground to become a completely commercial venture.

In making the announcement yesterday, Ambassador Plenipotentiary John Donaldson and PNM chairman told members of the media that the same amount of money was needed whether the airline was to be shutdown or redeveloped.

He said Prime Minister Patrick Manning told members of the General Council that the beleaguered airline was being transformed into a completely commercial venture with a Board of Directors whose job will be focussed at considering mainly the commercial viability and the efficiency of the airline.

Donaldson said that Manning also told his audience that Government was going to make an initial capital investment of US$250 million (TT$1.5 billion) and there will no longer be the need for Government to bail-out the airline again.

On Saturday, BWIA West Indies Airways, will change its name to BWIA Caribbean Airways.

And all eyes will be focussed on the airline's new Chief Executive Officer Peter Davies who once before turned around a failing Belgian airline into a profitable and efficient carrier.

Darren Bahaw
The Trinidad Express
Monday, 27th March, 2006.
http://www.trinidadexpress.com/index.pl/article_news?id=146248547