In addition, under a second deal with the GPA Group Ltd., the world's leading aircraft-leasing company, Braniff would have sold its planes and lease them back, gaining needed cash.
ALAFCO (Aviation Lease and Finance Company) is an aircraft-leasing company, based in Kuwait.
"Eighty percent of airlines are financially unstable," said Igor Medzhibovsky, deputy director of the Ilyushin Finance Company, a Moscow-based aircraft-leasing company.
GPA Group Ltd., the world's leading aircraft-leasing company, will announce the largest aircraft order in history next week, a GPA executive said today.
GPA Group is scrambling to avert a financial crisis that could jeopardize the survival of the aircraft-leasing company.
LIKE a stunt pilot, Tony Ryan appears to have pulled GPA, his troubled Irish aircraft-leasing company, out of a spectacular dive.
But Terra Firma, whose holdings range from an aircraft-leasing company to European movie theaters - could still choose to break up EMI and sell it in pieces.
G.E. saved the Irish aircraft-leasing company from bankruptcy in 1993.
GPA's founder and chairman, Tony Ryan, will relinquish his duties overseeing the aircraft-leasing company's finances but will be named chairman of the new company.
Mr. Beauvais, who is 54, said it was appropriate to promote a financial expert now that the company has arranged for $55 million in loans from Northwest Airlines and an aircraft-leasing company.
