"India’s national airline seeking $824 million loan to finance Boeing 787

" \n Air India announced Wednesday that it is once more seeking to refinance a foreign currency bridge loan which was used to pay for some of its Boeing 777 and 787 aircraft. \n \n\n \n The airline is looking to raise $824.7 million by the end of the month. Meanwhile, the government\u2019s deadline for bids on its national airline has been extended until late December. \n \n\n \n Air India is once more seeking refinancing for its purchase of Boeing 787 Dreamliners. Photo: Getty Images \n \n\n \n On Wednesday this week, Air India announced in a tender letter that it is planning to raise\u00a0\u20b96,150 crore ($824.7 million) through short-term loans from domestic lenders. \n \n\n \n The airline said that it hoped to secure the loans by the end of the month. Funds raised will go to refinancing international bridge loans previously taken for the purchase of one\u00a0 Boeing 777 \u00a0and six 787 aircraft. \n \n\n \n Aircraft as collateral \n \n\n \n As reported by Live Mint , Air India will offer aircraft, including the above-mentioned models, as collateral for the loans. The airline has set an, under the circumstances, ambitious plan to repay the entire loan within a year. \n \n\n \n Meanwhile, this is not the first time debt-laden Air India is seeking new loans for its purchase of the Boeing jets, for which it has yet to secure long-term financing. \n \n\n \n Almost precisely one year ago, according to the\u00a0 Economic Times, \u00a0the Indian flag-carrier also sought to raise\u00a0\u20b95,800 crore ($819 million). \n \n\n \n The seven widebodies in question were part of a larger order for 27 B787-800s and 15 B777-300ERs. Twenty-one of the 787s are on sale-and-leaseback agreements, while the remaining six are on short-term financing, as is one of the 777s. \n \n\n \n Air India is offering its aircraft as collateral for the loan which it intends to repay in a year. Photo: Getty Images \n \n\n \n Bid deadline extended \n \n\n \n The move comes as the Indian government is\u00a0 in the midst of selling its national airline . \n \n\n \n The Minister of State for Civil Aviation, Hardeep Singh Puri, has said that the disinvestment was decided as further financial support to revive the struggling Air India would not be the best use of scarce government resources. \n \n\n \n The government has time and again extended the time limit for potential buyers to make their bids. The most recent October 30th deadline was extended until 17:00 on December 14th. Bidders will be informed of the government\u2019s decision by 17:00 on December 28th. \n \n\n \n Domestic air travel in India is picking back up again as the government extends its deadlines for bids. Photo: Getty Images \n \n\n \n Previously, the government required whoever purchased Air India, of which 100% of equity is on offer, to absorb\u00a0\u20b923,000 crore ($3 billion) of the carrier\u2019s debt. \n \n\n \n Along with the extension of the bid deadline, the Ministry of Civil Aviation changed its tone to say that bidders could choose how much debt they were willing to absorb. \n \n\n \n Domestic air traffic on the way up \n \n\n \n Meanwhile, any prospective buyer may take heart in the fact that India\u2019s domestic aviation is slowly but surely\u00a0 making a rebound \u00a0following the country\u2019s total lockdown in March. \n "

"India’s national airline seeking $824 million loan to finance Boeing 787

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