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Article: Philippines: PAL in talks with creditor to buy 4 new aircraft.
- Article from:
- TendersInfo
- Article date:
- September 15, 2009
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Byline: babalu03
FLAG carrier Philippine Airlines (PAL) is in talks with the Export-Import Bank of the United States (Ex-Im Bank) to finance four Boeing 777-300ER aircraft with a total list price of $1 billion, an official of the airline said.
The four-aircraft delivery schedule was originally set 15 to 18 months ago, according to PAL senior vice president for corporate finance Cesar Chiong. But even if the planes were delivered on time, PAL could not utilize these because the country s aviation industry has been downgraded by the US Federal Aviation Authority.
The Philippines premier carrier is hopeful the government succeeds in upgrading the ...