BWIA gets loan from govt By Curtis Rampersad, Trinidad Express Cash-strapped national airline BWIA is in the process of receiving a letter of comfort from the Government to seek a US$7.7 million loan to pay creditors and continue as a viable airline. BWIA Corporate Communications director Clint Williams confirmed that the airline's management was completing the paperwork for the letter of comfort and had met with the Government. The letter followed a demonstration by BWIA that it could save US$1.4 million a month through a new business model which out-sourced ramp operations, mechanical and engineering heavy aircraft check departments and duty free services. The initiative also included retrenchment of 617 workers, the majority of whom were served termination letters on Tuesday. Williams said the Government was "comfortable" with BWIA's cost-savings plan and the airline was "moving swiftly" towards receiving the letter of comfort. BWIA has already received US$2 million and an initial letter of comfort from the Government to borrow US$4 million towards settling its debts and continuing operations. Its Duty Free operations have been closed for renovations over the next week. The Piarco store was closed after workers were separated on Tuesday. A local service provider has entered into a franchise arrangement with BWIA to operate the store. BWIA flight operations at Piarco were good yesterday, Williams said, explaining that the airline had an 82 per cent on time rate for flights. BWIA's $2.25 stock price held steady on the local market yesterday with just 100 shares traded. West Indies Stockbrokers Ltd's managing director Peter Clarke said if BWIA returned to profitability, the share price might rebound, but investors would be taking a wait-and-see approach in the interim *************************************************** The owner of Roger's Trinbago Site/TnTisland.com Roj (Roger James) escape email mailto:ejames@escape.ca Trinbago site: www.tntisland.com Carib Brass Ctn site www.tntisland.com/caribbeanbrassconnection/ Steel Expressions www.mts.net/~ejames/se/ Site of the Week: www.pichemas.com TnT Webdirectory: http://search.co.tt *********************************************************