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LIAT and
Caribbean Star to miss deadline for merger |
June 15, 2007:
Regional carriers LIAT and Caribbean Star did not meet
Friday's expected target for them to merge operations.
LIAT's Chief Executive Officer, Mark Darby, says some
aspects of the merger between the two former fierce
competitors were taking longer than had been anticipated.
But Mr. Darby says he still expects that the carriers will
be merged by the end of the month.
The CEO noted that the merged entity between the two
airlines would only be about 40 per cent bigger than the
original LIAT.
Within this context he said operations would have to be
streamlined and there will be an unspecified number of job
cuts.
In announcing the June 15 start up Prime Minister Baldwin
Spencer said the governments were close to securing a US$60
million loan.
The money is to come from the Caribbean Development Bank to
assist with wrapping up LIAT's operations and starting up
the new airline.
LIAT and Caribbean Star started a commercial alliance in
February.
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