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Biman banks on govt for Boeing

Seeks guarantee to bank loans of $117m

Sohel Parvez
Bangladesh Biman seeks guarantee from the government to avail bank loans to make pre-delivery payments (PDP) of about $117 million for purchasing Boeing aircraft, officials concerned said.
The government is yet to respond positively to the guarantee appeal though the first PDP instalment will have to be paid by the state-owned airline at end of October.
"We have requested the government to provide guarantee for purchasing four aircraft from Boeing. It will be difficult for us to secure bank loans without the guar-
antee from the government,” said Muhammad Zakiul Islam, managing director and chief executive officer (CEO) ofBiman.
The state-owned carrier, now riddled with age-old and insufficient aircraft, pleas the government for the guarantee after its sole attempt to secure finance from banks ended in vain.
Bankers said government's assurance to payback is critical although cash flow position of the Biman would not be healthy enough to repay the loan in the next couple of years.
The airline, after a three-year consistent loss, returned to black in the fiscal
year 2007'08 with insiders attributing to trimming down of flights on non-profitable routes, improvement in efficiency and stoppage of pilferages by the then management.
After turning into a public limited company in July 2007, Biman struck a deal with Boeing in April last year to acquire four 777-300 ERs (extended range) and four 787-8s Dreamliners, and two 737-800 aircraft to replace its ageing fleet.
Less than a dozen-fleet carrier now expects to get the first delivery of two Boeing 777-300 ERs in 2011, two years
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ahead of the initial schedule given by the Boeing, last year.
The plane maker has also eased the payment burden on the Bangladesh's flag carrier. The insiders say the PDP amount would be around $ 117 million for taking delivery of two aircraft in 2011.
As per the previous schedule, Biman was supposed to make PDP of about $249 million in phases before taking del ivery of four aircraft in 2013.
“We have talks with a couple of banks for the finance. Now we need both the government's guarantee and the bank loan for pre-delivery payment for the two aircraft at the end of October,” said Biman CEO Zakiul, also a former top air-force officer.
“Biman has not have enough funds to pay for purchasing aircraft," he said, expecting a bail out by the government.
Biman officials said the carrier has sought guarantee from the civil aviation and tourism ministry for its 10-aircraft acquisition deal.
The ministry, instead of pursuing for the whole, has requested the finance ministry to offer a payback guarantee for loans against the delivery of two Boeing 777-300 ERs.
"We have requested to the finance ministry to provide guarantee for the payment of two aircraft. Legal issues relating to the guarantee are being examined now," said Hedayetullah Al Mamoon, secretary of the civil aviation and tourism ministry.