Air India Has No Cash To Pay For Boeing 787 Orders: Report

Date : 09/12/2011 @ 2:30PM
Source : Dow Jones News
Stock : Albany International Corp. (AIN)
Quote : 56.025  0.275 (0.49%) @ 1:45PM

Air India Has No Cash To Pay For Boeing 787 Orders: Report

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Air India does not have the cash to pay for the 27 Boeing Co. (BA) 787s it has ordered, Aviation Week reported Monday, citing a television interview last week with India's Civil Aviation Minister Vayalar Ravi.

The minister said the order was delayed by Boeing by three years, and he did not specify whether it would be canceled, the website said.

An earlier government report said Air India expanded too quickly and may be overburdened with debt, Aviation Week said.

Year-to-date, Boeing has reported 26 order cancellations for the 787, its next-generation twin-aisle jetliner, and no new orders.

The Chicago manufacturer has 821 orders total.

Boeing stock was one of the big decliners of the Dow Jones Industrial Average on Monday, shedding 1.6% at last check.

-By Christopher Hinton; 415-439-6400;

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