Wells Fargo Bank issued last week a press release informing it had sold a 747-400 currently on lease to Singapore Airlines to El Al as part of the Israeli national airline's fleet expansion plans.
The aircraft, made in 1994, is due to be returned to the bank later this year and will then be handed over to El Al.
An El Al spokeswoman confirmed the sale and said Singapore Airlines leases the plane from Wells Fargo Bank and will be returning it later this year. He added that El Al will invest US$50 million in the aircraft and said it would receive the plane no later than December 2008.
El Al will use US$10 million from its own funds for the purchase while the balance will come from loans provided by foreign bank.
Wells Fargo Bank Sells Singapore Airlines Leased 747-400 to El Al
Wells Fargo Bank issued last week a press release informing it had sold a 747-400 currently on lease to Singapore Airlines to El Al as part of the Israeli national airline's fleet expansion plans
22.01.08 / 00:00
•
More articles that may interest you
MOL starting container services to/from Israel
95% of tropical fish grown in Israel are exported
Foreign airlines study airline & general security aspects in Israel
Israel ranked 33 out of 150 countries in the World Bank Logistics Performance Index
Zim: new setup in 3 major lines
F.C.C. Shipping marked Hanjin Shipping entry to the Israeli market
More news from Air Transport Section
>"Jetair" to operate low-cost flights to Belgium/14.01.08
>El Al to raise air fares due to weak US$/31.12.07
>Ben-Gurion Airport: new passenger record in 2007/31.12.07
>Maman: an increase of 10% in cargo movements/31.12.07
>Israeli Shippers: no operation rules in air cargo ground handling sector/31.12.07
>Mofaz to ask gov't to subsidize 80% of local airlines' security expenses/24.12.07
>El Al: freighter landed with 13 tons of fuel on board/24.12.07
>British Midland plans to add daily flight to Ben Gurion/17.12.07
>Sundor will fly Christmas pilgrims from Russia and Italy to Israel/17.12.07
>New air service agreement signed with Belgium/17.12.07