Air Canada has financing in place for initial 787 deliveries

Washington DC
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Air Canada management says it has secured financing for the first six Boeing 787 deliveries scheduled for second half of 2013.

Carrier CFO Michael Rousseau gave that assessment during a recent presentation at the RBC Capital Markets 2009 Passport Transportation Conference.

The carrier was due to receive its first aircraft in 2012, but the postponement of first flight has pushed back initial deliveries.

Rousseau says six aircraft are due for delivery in the back half of 2013, "assuming Boeing remains on schedule".

As part of a C$1 billion financing package Air Canada announced in July, the carrier amended its 787 purchase agreement with Boeing by reducing the number options it has for additional aircraft from 23 to 13. Air Canada and Boeing also agreed to amend other commercial terms, including revised delivery dates and "to provide for certain financial adjustments".