Braniff May Acquire New Jets: A U.S....
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From Times staff and wire reports
Braniff May Acquire New Jets: A U.S. bankruptcy judge has decided that Braniff Inc.’s agreements to lease and buy new jets are valid, but also ruled that Braniff must pay $3 million to GPA Group Ltd., an aircraft leasing company, by midnight tonight to keep five Airbus A-320s that the airline has ordered, and must pay for future planes within 60 days after delivery. By continuing to take delivery of 50 Airbus A-320s, Braniff will have a better chance to reorganize and operate under Chapter 11 of the Federal Bankruptcy Act, the airline’s lawyers said.
