OTHER NEWS - May 18, 1993
From Times Staff and Wire Reports
Aircraft Lessor Repays Some Debt: GPA Group, the world’s largest aircraft leasing company, repaid its bondholders after the debt-stricken company was thrown a lifeline last week by General Electric Co. Repaying its bondholders was crucial to the rescue package negotiated by GPA with its bankers, shareholders and airplane manufacturers. No amount was given, but the company was due to pay off $50 million in maturing debt by today as part of the package. GPA, which has debts of $5.5 billion, has been trying to restructure since the failure of a stock flotation in June. It was pulled from the brink of collapse last week in a dramatic linkup with General Electric’s financial services subsidiary.
