Air Deccan set to receive last tranche of $40mn funding
09 Oct 2007
1
Bangalore: Deccan Aviation, the holding company for Air Deccan, is all
set to receive about $40 million, the last of the four tranches from a deal with
two European banks.
Through a deal, struck last October, with Investec Bank and HSH Nord Bank AG, Germany, Deccan Aviation raised $100 million to fund its cash flow needs. As a part of the understanding, the airline had assigned the purchase of its 60 Airbus aircraft to a special purpose company (SPC), Southwest Trading Ltd, which is funded by the two European banks.
The
funds were payable to the airline in four tranches, spread over a period of 15
months.
