EgyptAir repays $950 million debt to the Bank of New York
EgyptAir recently paid the Bank of New York $15 million in a bid to settle its debts with the financial institution. The transaction brings the airline’s total debt repayment to $950 million, from its total balance of $1.2 billion, reported Benouk Al-Yaum.
EgyptAir cut its operations by 15 percent following the airborne suicide attacks in the United States. The airline also announced it would not go ahead with the purchase of two Boeing 777s, which were to have been delivered in September. The company had taken out a loan of $160 million to buy the two aircraft. — (menareport.com)
© 2002 Mena Report (www.menareport.com)