Photo of the Remarkables mountain range in Queenstown, New Zealand.

Tag: Public Accounts Commitee

CAL climbs out of fiscal hole

CAL climbs out of fiscal hole

| 11/09/2016 | 5 Comments

(CNS Business): The chair of Cayman Airways Ltd told the Public Accounts Committee Thursday that he expects the airline to have cleared its bank loan debts within three years because a number of factors have combined to help it climb out of the “hole it was in” a few years ago. Talking about the turnaround in fortunes of the airline, Philip Rankin said they were “seeing the fruits of our labour now”, as he pointed to the falling debt, as well as cuts in expenses and operating losses. Rankin said the debt was now around US$19 million and bank loans would be cleared in less than three years.

Continue Reading

CAL’s US$21M subsidy keeps airline flying

CAL’s US$21M subsidy keeps airline flying

| 08/09/2016 | 30 Comments

(CNS Business): The latest audit of the national flag carrier has reinforced the fact that while Cayman Airways Ltd is turning its financial losses around, it is still very heavily dependent on a government subsidy of around US$21 million per year and would not be a viable entity without it. But the management team has […]

Continue Reading