Weather RA seeks more debt
FROM
ISSUE #62 (28 SEPT 2001 - 04 OCT 2001)
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Royal Nepal is preparing to mortgage its only debt-free aircraft to raise about a billion rupees in working capital, corporation sources say. The flag-carrier, which says it needs at least Rs 3 billion (?Leave Royal Nepal alone?, # 61) to get back on its feet after being bogged down by controversial jet leasing and corruption, has already borrowed against its other Boeing 757s. Most of the borrowed funds are to be used to pay old debts?overdue payments for leased aircraft (now cancelled) and payments for engine repairs.
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