Chase Manhattan bank has backed a plan for the financing of a new widebody purchase by El Al, concluding that the Israeli flag carrier's market projections are sound.

The US bank was contracted to assess the funding scheme last month and reports that El Al made relatively conservative cashflow forecasts for the future business environment.

El Al treasurer Nissim Malki says the report backs the airline's planned purchase of three or four widebodies for $350-400 million. The carrier's overall widebody requirement was initially put at 10 aircraft. El Al is expected to choose between three Boeing 777-200ERs and a mix of two Airbus A330s and two A340-300s.

Source: Flight International