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Aviation History
1981
1981 - 0129.PDF
FLIGHT International, 17 January 1981 Laker explains A300 financing SIR FREDDIE LAKER has put an end to speculation about how Laker Airways' purchase of Airbus A300s is being financed. Coinciding with delivery of Laker's first A300B4, Sir Freddie has announced that the first three aircraft (out of ten) will be paid for by a $131 million loan from a bank consortium led by Britain's Midland Bank International. This represents 90 per cent of the $144 million price of the three machines; the rest has been paid for with Laker Airways' Qwn money. Two more Laker A300s will be delivered this year, in February and May. Three are sched uled for delivery in 1982, followed by two in 1983 and two in 1984. Laker is considering taking options on A300s beyond the ten on firm order. The Laker A300 sale is the first where Airbus provided the banks with a guarantee against the customer's default. This is common practice with US airliner manufacturers, although Airbus has so far avoided getting involved in such a provision (which, in the Laker case, covers the first 25 per cent of the loan). Airbus has also arranged (through BAe) provision for UK Government interest-rate sub sidies. Laker is paying 10 per cent interest for his loan (compared with 12-14 per cent for long-term loans currently being charged by US banks). Whether or not the Govern ment actually has to subsidise the Laker loan will depend on how com mercial interest rates move. • Sir Freddie Laker states that Laker Airways made $26 million profit in the six months April-September 1980. In the 1980 calendar year, Laker's north Atlantic Skytrain services carried 914,000 passengers—a 73 per cent increase on 1979; average 1980 pas senger load factor was 82 per cent (1979—80 per cent). Seen together for the first time, the first and second British Aerospace 146 feederliners have both received their wings from Avco Aerostructures. The first flight-standard ALF 502 engine to arrive at Hatfield is seen in the foreground. The first prototype has now moved to final assembly and is due to receive its Saab-built tailplane as this issue appears Concorde in black for 1980-81? BRITISH Airways expects to show an overall operating surplus on its London-Washington and London-New York supersonic services for the 1980- 81 financial year, the airline tells Flight. This will be the first time that BA Concorde operations have paid their way, and reflects the UK Govern ment's 1979 decision to exempt the airline from paying Concorde develop ment costs out of any profits the ser vices might make. British Airways pays the UK Government 80 per cent of any profits made on Concorde operations. London-Washington and London-New York are the only routes BA flies supersonically, although it is involved in discussions about introducing Concorde services to Florida (Miami), South Africa and Japan (see page 122). The carrier dropped Singapore Concorde services in November 1980 after suffering a £5 million loss on the route during the year. USA pulls out of anti-runway NO money for the joint UK/US JP233 low-altitude anti-airfield attack weapon is included in the 1981 US defence budget just passed by Congress (see page 124). The weapon, being de veloped by Hunting Engineering, would arm Tornadoes and F-llls from the mid-1980s. Although the USAF has effectively pulled out, some 15 US personnel remain in the joint project office within the UK Ministry of project? Defence and development, now well advanced, continues for the moment. Britain is waiting to see if funding will be restored when President-elect Reagan takes office and has not yet decided what to do if the US stays out of the programme. Hunting has some 1,800 people working on JP233. Total development cost is estimated at £130 million in 1978 prices, divided between the two countries. The first Air Canada TriStar 500 has been rolled out at Lockheed's Palmdale plant. The aircraft, with seating for 246 passengers, will be delivered to Air Canada in February for use on non-stop services between western Canada and Europe. The Canadian flag-carrier has ordered six TriStar 500s and holds options on nine more Sea Harrier accident IN a recent article (see Flight for January 3, page 26) it was inferred that the Sea Harrier which struck HMS Invincible's ski-ramp did so as a result of the pilot misjudging his height while carrying out a low-level pass to impress members of the Press on board. It has since been learned that the pilot was authorised to carry out a pass with a camera mounted in a practice bomb-carrier. The accident occurred during a transition from jet- borne to wingborne flight at heavy weight. Flight apologises for any embarrassment that the incorrect version may have caused the pilot, Lt Cdr Mike Blisset.
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