Air Jamaica’s 2009 business plan calls for an exit from three U.S. markets: Atlanta, Los Angeles and Miami. The airline will cease flying to the three cities on Feb. 26.

Also on Feb. 26, Air Jamaica will eliminate Grand Cayman from its route structure and ax Jamaica-Barbados and Jamaica-Grenada service.

With the route cuts, Air Jamaica will reduce its fleet to nine aircraft and eliminate jobs.

"In our 40-year history as Jamaica’s flag carrier, this is without question our most challenging time," said Air Jamaica CEO Bruce Nobles. "We are doing everything possible to minimize the impact on the Air Jamaica family, including voluntary redundancies and leaves of absence."

Jamaica's government aims to sell Air Jamaica by March, as Prime Minister Bruce Golding is anxious to get the loss-making airline off the government’s books.

According to published reports, Golding has said that the airline over the past decade has lost about a $1 billion.