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POLARIS AIRCRAFT LEASING AND GULF AIR TO PURCHASE FOUR BOEING 767-300ER AIRCRAFT IN JOINT VENTURE

 POLARIS AIRCRAFT LEASING AND GULF AIR TO PURCHASE
 FOUR BOEING 767-300ER AIRCRAFT IN JOINT VENTURE
 SAN FRANCISCO, Calif., June 29 /PRNewswire/ -- Polaris Aircraft Leasing Corp., a subsidiary of GE Capital, and Gulf Air, one of the largest airlines in the Arab world, have arranged a U.S. $123.5 million joint venture financing facility through Banque Indosuez for two Boeing 767-300ER aircraft, each equipped with two GE CF6-80C2B6 engines and have just completed delivery of the two planes.
 Gulf Air, with whom Polaris completed its first Middle Eastern transaction in 1988, is the leading carrier of the Arab world. Owned by the Gulf Oil States of Abu Dhabi, Bahrain, Qatar, and Oman, it reported net profits of U.S. $53 million in 1991, despite extremely difficult conditions in the industry, and its home region. Headquartered in Bahrain, Gulf Air's route system extends from the Gulf area to Europe, Africa and Asia.
 A wholly owned subsidiary of GE Capital Corp., Polaris owns or manages 600 commercial jet aircraft, more than five percent of the entire worldwide fleet.
 GE Capital, headquartered in Stamford, Conn., is a wholly owned subsidiary of General Electric Co. 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- 6/29/92
 /CONTACT: Jennifer Wolff of Polaris, 415-445-7427/
 (GE) CO: Polaris Aircraft Leasing corp.; Gulf Air ST: IN: AIR SU: JVN


MC-MM -- SF008 -- 4905 06/29/92 17:03 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
Words:269
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