Bridgetown.
Grounded low cost carier Redjet is moving its operations from Barbados to Jamaica.
A source told Trakker News, the airline management is trying to secure a loan of US$10 million from the Jamaica based Ostrich Investment Cayman Limited.
The source said Redjet is also hoping for an injection of US $15 million injection from its shareholders, these funds will give the airline US$ 25 million to finance its Jamaica operations.
A major portion of this money US$12 .6 million will be used for working capital and route development, US $4.2 million for contingency and US$3.1 millon for a Jamaican Category 1 Air Operator Certificate.
According to the source, negotiations between Redjet and Ostrich Investment Limited are at an early and delicate but the airline shareholders had made up their minds to move from Barbados to Jamaica.
Yesterday the 94 employees of the Redjet received a letter stating that it no longer afford to employ them.
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