Chief Executive Officer of Caribbean Airlines, Garvin Medera responded to CNC3’s report on temporary measures taken by CAL; saying consultations within the company continue to happen and that it was their intention to share specifics with the country once the proper processes were completed.
Medera said “by now many of you would have heard or seen the reports carried by CNC3 News in Trinidad and Tobago regarding confidential documents arising from discussions held with key stakeholders which dealt with certain temporary measures being looked at to secure the viability of the business.”
Medera in a media release this morning said “as you know, globally, airlines are experiencing unprecedented challenges caused by the Covid-19 pandemic.”
“In fact, the International Air Transport Association (IATA) is expecting airlines to lose around $84 billion in 2020, making it the worst financial year in the history of aviation.
In some respects, Caribbean Airlines has been fortunate based on support from our main shareholder,” said Medera.
He said diminishing revenue, driven by several factors including border closures at their main base, and other significant markets, as well as limited demand, has meant that like many airlines worldwide their costs have outstripped earnings.
“Regrettably, the present situation is that the Company’s cash position continues to be extremely tenuous and we now have to take further steps to streamline expenses and manage cash,” noted Medera.
He said based on the existing circumstances, collective and individual sacrifice was the only way they could get past the current scenario.
Medera also said that details of the way forward will be shared early next week by himself and the Human Resources Department at CAL.
“Given the interest the public has in Caribbean Airlines we can expect more media reports,”said Medera.