National carrier Air India has floated a tender seeking bridge loans of up to $500 million as financing for taking delivery of four Boeing 787-8 Dreamliners numbers 15 through 18 of the carrier’s 27 aircraft order.
The carrier has arranged financing for the first 14 Dreamliners in its fleet. It is scheduled to receive its 15th Dreamliner in May 2014, 16th in June, 17th in August and 18th in November.
The airline has invited offers from banks and financial institutions for a period of six months to one year. The financially strapped state run carrier is offering the aircraft as security till the bridge loans are repaid once delivery is taken, and sale and lease-back financing have been arranged.
The tender document states that there will be no government guarantee on the bridge loans.
I think BOI loan is for this tender as the aircraft 16-18 were mentioned on that. I have some doubts on the ownership. As per the DGCA registration Airline is not the owner when the plane is bought on loan. But open stats like planespotters count them as owned. Which one should be correct? If you just use the know your aircraft feature of DGCA, you end up seeing many planes as not owned by Air India. Looks like if Air India is put on sale then only fixed assets of Air India are the actual assets of the airline. All airplanes would go for loans and employees are just unusable in private sector.
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