It's flying time again for East West

New Delhi: After Modiluft, another defunct airline from the past East West Airlines is getting ready for rebirth.
The airline's promoters the Taqi family has reached an agreement with its prime lenders to settle their long-standing dues, and take-off in the Indian skies by this September.
Promoters of the airline, which was among the dominant players in the Indian skies less than a decade ago, is also in the process of seeking clearances from the Securities and Exchange Board of India (Sebi) to relist the company, East West Airlines director Faisal A Wahid told ToI.
"We have reached an agreement with our lenders, which is consortium of nine banks led by Indian Bank, to settle dues. We have agreed to pay Rs 70 crore.
The only other dues that remain are around Rs 5 crore to Airports Authority of India and IndianOil. " Wahid said.
The airline, he said, plans to take to skies by September this year with a fleet of two jets, which would be increased to five or seven by the end of first year of operations.
05/05/06 Byas Anand/Times of India

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