Word: pillay
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Dates: during 1978-1978
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...line now operates a largely Boeing-made 27-plane fleet, and it is buying primarily to standardize equipment and get new fuel-efficient Pratt & Whitney engines. "The devil you know is better than the one you don't," says SIA Chairman Joseph Pillay, who is 44 but looks much younger...
...with a fleet of no more than 32 jets. A further quarter will be provided by internal cash flow generated by its policy of using speedy six-year plane depreciation (vs. about 15 years for most U.S. airlines). The rest, or about $450 million, will be financed externally. Says Pillay: "We shall approach the Export-Import Bank for about $360 million and get the rest from commercial U.S., European and Asian banks." If any part of the deal goes wrong, Pillay figures that he could get a loan from a "Middle Eastern country...