January 12, 2010
SINGAPORE (AFP) - Singapore budget carrier Tiger Airways said Tuesday it has brought forward the delivery of five Airbus A320 aircraft to boost its expansion into Asia and Australia.
The aircraft will now be delivered later this year and in early 2011 instead of the original dates in 2016, the firm said in a statement.
Standard Chartered Bank has completed a "structured pre-delivery payment financing arrangement" to allow for the early delivery of the aircraft, the statement said.
"In view of the opportunities for us to grow our business in both Asia and Australia, we have accelerated delivery of these five new aircraft from their original delivery dates in 2016 to now join our fleet later this year and in early 2011," Tiger chief executive Tony Davis said.
Tiger Airways currently operates a fleet of 17 Airbus A320 aircraft and is planning to increase that to 68 by December 2015.
The carrier, which is 49 percent owned by Singapore Airlines, flies from Singapore to destinations across Asia and to the Australian city of Perth. It also operates domestic services in Australia.
Tiger Airways' expansion plans come despite tough conditions in the airline industry as the global economy recovers from its worst downturn since the 1930s.
Japan Airlines is expected to file for bankruptcy soon, with the global recession and swine flu pandemic dealing a heavy blow to its efforts to recover from financial turbulence stretching back to its privatisation more than two decades ago.
