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AVAILABILITY OF 747-400 AIRCRAFT FINANCING; DELIVERY DELAYS
The Company has agreed to purchase 10 747-400 aircraft to be delivered
commencing in May 1998 through 2001. The aggregate value of the 10 747-400
aircraft, four installed engines per aircraft and five spare engines, based on
list prices, is approximately $1.7 billion. While the Company currently
anticipates that it will be able to obtain the necessary financing on a timely
basis to pay the Pre-Delivery Deposits for the 747-400 aircraft as they become
due and the total purchase price for the 747-400 aircraft to be acquired, there
can be no assurance that the Company will be able to obtain sufficient financing
or, if such financing is available, that it will be available on commercially
reasonable terms. If it is unable to obtain sufficient financing, the Company
could be required to modify its expansion plans, incur higher than anticipated
financing costs or incur various penalty payments under the Boeing Purchase
Contract, which could have a material adverse effect on the Company. Due to
production problems at Boeing, the Company believes that the 1998 delivery
positions of the 747-400 aircraft may be delayed up to 60 days. While Boeing
will appropriately compensate the Company for any delays in delivery of the
747-400 aircraft, any such delays may adversely impact the Company's ability to
initiate service with prospective customers in a timely fashion.
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