Outgoing Managing Director and CEO of Air Pacific, Dave Pflieger said while many are raising issues about the loans the airline has taken to buy new planes, he said it is an amazing business plan to purchase the brand new planes to invest in the country.
Pflieger also said he cannot reveal the loan repayment agreement and details on the interest rates in relation to the loan taken from European banks to pay for the purchase of the three new A330s.
The catalogue price for the new planes is $US200 million each and as revealed in 2011, the Fiji National Provident Fund gave Air Pacific a loan of $US200 million which was the initial funding for the purchase of the three wide body planes.
85 percent of the loan to purchase the planes has come from offshore banks.
When asked on the repayment plan on the huge loan, Pflieger said Air Pacific which will soon be Fiji Airways is now doing well financially and he expects it to deliver profits to pay off the loans.
When asked on why he is leaving at this crucial time, Pflieger said he is leaving behind a strong team that will take the airline forward.
The second and third A330's will arrive in May and November respectively.
Dave Pflieger will take up the posts of President and CEO of Silver Airways from May 1st.
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