Beleaguered Air India has obtained $1.1 billion of structured trade financing, provided by J.P. Morgan and guaranteed by the Export-Import Bank of the US US Ex-Im.
The export credit agency financing will be used to fund the purchase of 11 Boeing aircraft that the state-owned airline received in 2009 and is supported by the full faith and credit of the Indian government. US Ex-Im initially approved the loans in June 2009 but they were not paid out until last month.
Arvind Jadhav, chairman and managing director of the National Aviation Company of India Air India's parent company, said in a statement that US Ex-Im's backing has enabled the airline...
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