Wells Fargo Bank issued last week a press release informing it had sold a 747-400 currently on lease to Singapore Airlines to El Al as part of the Israeli national airline's fleet expansion plans.
The aircraft, made in 1994, is due to be returned to the bank later this year and will then be handed over to El Al.
An El Al spokeswoman confirmed the sale and said Singapore Airlines leases the plane from Wells Fargo Bank and will be returning it later this year. He added that El Al will invest US$50 million in the aircraft and said it would receive the plane no later than December 2008.
El Al will use US$10 million from its own funds for the purchase while the balance will come from loans provided by foreign bank.
Wells Fargo Bank Sells Singapore Airlines Leased 747-400 to El Al
Wells Fargo Bank issued last week a press release informing it had sold a 747-400 currently on lease to Singapore Airlines to El Al as part of the Israeli national airline's fleet expansion plans
00:00 ,22.01.2008
Wells Fargo Bank Sells Singapore Airlines Leased 747-400 to El Al
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