Air Deccan finalises papers for $100mn funding

Mumbai: Deccan Aviation has concluded the documentation process and the transaction of the term sheet in respect of financial structure for $100 million.
According to a release issued by Air Deccan to the BSE today, the company has placed orders for the purchase of 60 Airbus A-320 aircraft with IAE engines. The pre-delivery payments (PDP) for the aircrafts have been funded by public sector banks for which security assignment has been provided.
"Air Deccan has assigned the aircraft purchase contract in favour of a special purpose company controlled and funded by a consortium of European banks for a consideration of $100 million payable to Air Deccan in four tranches over a period of 15 months subject to compliance of prescribed financial covenants.
13/10/06 Business Standard

To Read the News in full at Source, Click the Headline