PORT-OF-SPAIN, Trinidad, December 29, 2006 – Minority shareholders of the soon to be defunct BWIA West Indies Airways were yesterday given additional bad news.
The three percent stockholder were told by director William Lucie-Smith at a shareholders meeting at Crowne Plaza that their stocks in the airline were now worth nothing because the company had been operating at a loss. This year’s forecasted loss is in excess of US$50 million, Lucie-Smith added.
Government controls 97 per cent of BWIA stock. BWIA closes officially on Dec. 31, 2006 making way for the Caribbean Airline Limited on January 1, 2007. BWIA West Indies Airways, which has served the Caribbean for 66 years. Officials insist tickets purchased for travel on BWIA will be honored on Caribbean Airlines as well as frequent flyer miles and membership in Club BWEE.
CAL also rolled out a new website, offering potential travelers a chance to book online through: http://www.caribbean-airlines.com/home.htm.
Meanwhile, as of December 22, the Securities and Exchange Commission delisted BWIA from the Trinidad and Tobago Stock Exchange. The SEC blamed the delisting on unsatisfactory financial conditions, adding that the carrier has consistently posted a loss each year for the duration of its listing” from 2001 to 2005. (Hardbeatnews.com)