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POLARIS AIRCRAFT LEASING AND GULF AIR ANNOUNCE SECOND JOINT VENTURE

POLARIS AIRCRAFT LEASING AND GULF AIR ANNOUNCE SECOND JOINT VENTURE
 SAN FRANCISCO, July 6 /PRNewswire/ -- Polaris Aircraft Leasing Corp., a subsidiary of GE Capital, and Gulf Air, one of the leading carriers in the Middle East, have arranged through Citicorp Investment Bank a joint venture U.S. $84.4 million progress payment financing facility for four Boeing 767-300ER aircraft, each equipped with GE CF6-80C2B6 engines. The aircraft are scheduled for delivery in mid-1993 and 1994.
 Last week, Polaris and Gulf Air announced a separate joint venture delivery financing through Banque Indosuez for two identical Boeing aircraft, which have already been delivered.
 Herb Depp, president of San Francisco-based Polaris, said, "We're extremely proud of the partnership we have established with Gulf Air, which was our first Middle Eastern customer in 1988, and has remained one of our most valued customers ever since. Their ability to operate profitably -- especially during challenging times -- has established them as one of the best-managed airlines in the world."
 Owned by the Gulf Oil States of Abu Dhabi, Bahrain, Qatar and Oman, Gulf Air is headquartered in Bahrain. Its route system extends from the Gulf area to Europe, Africa and Asia. The airline reported net profits of U.S. $53 million for 1991.
 A wholly-owned subsidiary of GE Capital Corp., Polaris owns or manages 600 commercial jet aircraft, more than 5 percent of the entire worldwide fleet.
 GE Capital, headquartered in Stamford, Conn., is a wholly owned subsidiary of General Electric Co. (NYSE: GE), and is a diversified financial services company with assets exceeding $80 billion. GE Capital's financing activities include equipment management, equipment financing, corporate financing, consumer/retail financial services, commercial real estate financing, and specialty insurance. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 7/6/92
 /CONTACT: Jennifer Wolff of Polaris, 415-445-7427/
 (GE) CO: Polaris Aircraft Leasing Corp.; Gulf Air ST: California IN: AIR SU: JVN


MM-BR -- SF005 -- 6634 07/06/92 12:43 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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