COMAC to help finance production of new ARJ21 aircraft

Commercial Aircraft Corporation of China announced plans to help finance the production of the new ARJ21 regional jet through the issuance of CNY7 billion medium term notes in 1H2009 (Xinhua, 19-Jan-2010). Under Phase I of the proposal, CNY3 billion notes will be released on 25-Jan-2010 while CNY4 billion will be released in 2Q2009. Meanwhile, Chengdu Airlines, which is scheduled to be formally established on 22-Jan-2010, is expected to receive the first ARJ21 aircraft at the end of the year (Chengdu Daily News, 19-Jan-2010).