PAL receives finance boost

The US Export-Import Bank has dropped its objections to Philippine Airlines' rehabilitation plan, removing the carrier's last major barrier in efforts to emerge from near bankruptcy. The carrier says Eximbank filed a motion with the Philippine Securities and Exchange Commission on 28 October, confirming its decision. IATA's clearing house facility has also readmitted the airline after it paid off a debt of over $30 million. The carrier, which has been in receivership with liabilities in excess of $2 billion since mid 1998, was suspended from IATA's clearing house in September 1998.

Sudan Airways privatises

The Sudanese Government has appointed Arthur Andersen and Barons Financial Services to advise on the privatisation of Sudan Airways. Financial and strategic investors are being sought. With 1998 revenues of approximately $78.5 million, the Khartoum-based carrier operates three Airbus A300-600s, two Fokker F-27s, two Boeing 707-302s and two King Air aircraft. It flies to 18 international destinations, mainly in Africa and the Middle East.

US-Africa open skies

US Department of Transportation Secretary Rodney Slater says that the USA has made "considerable" progress towards open skies deals with several African countries including Ghana, Tanzania, Kenya and Burkina Faso.

Source: Airline Business