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Trinidad and Tobago back BWIA
Thursday, 20 Nov, 2002
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The Trinidad and Tobago government has agreed to lend cash-strapped airline BWIA $13 million.
The loan was agreed by the cabinet of Prime Minister Patrick Manning with the proviso that by January the airline produces savings of $1.4 million per month.
BWIA has recently restructured and has so far cut costs by around $856,000 a month.
In addition to the loan, BWIA’s management will participate in a study by consultants who will issue recommendations about its future operations.
The airline would almost certainly have gone into receivership without the loan.
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