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Ethiopian to finance 787 PDPs with cash
21 April 2009
After cancelling its loan agreement with DVB and ING, Ethiopian Airlines will finance its pre-delivery payments with cash
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ing
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DVB Bank and ING have withdrawn from financing for Ethiopian Airline’s pre-delivery payments for its 10 787s on order with Boeing.
The banks committed to a $60 million loan facility after the airline placed its order for 10 787s in 2005. A clause in the loan agreement protected the lenders stipulating that if the aircraft were delayed by more than nine months the loan would have to be repaid. In March 2008 only $12 million had...
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