Air Canada to debut 16 planes over next two years

Air Canada announced Thursday that is has landed a $170.5 million loan courtesy of GE Japan Corp. that will help them finance the purchase of 16 airplanes that the carrier currently leases. 

Canada's largest airline will fork over $128.5 million to buy right Airbus A319 planes and four Boeing B767-300ER planes in 2011. Air Canada is allowed to use up to $42 million of the loan to purchase four Airbus A319 planes in 2012. 

General Electric Japan Corp. is a unite of General Electric and one of the world's largest industrial companies. GE Japan is known for giving out loans to companies that build aircrafts. 

Source: ATW Online