Outgoing Managing Director and CEO of Air Pacific Dave Pflieger 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.
When asked in a conference, Pflieger said while many are raising issues about the loans, he said it is an amazing business plan to purchase the brand new planes to invest in the country.
The catalogue price for the new planes is US$200 million each and as revealed in 2011, the Fiji National Provident Fund gave Air Pacific a loan of $200 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 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 A330s will arrive in May and November respectively.
Pflieger said the new planes which are built according to Fiji’s specifications are also amazing.
Dave Pflieger will take up the posts of President and CEO of Silver Airways from May 1st.
Story by: Vijay Narayan
Feature
It’s not about why, but how says Pflieger
