Ex-Im Bank Approves $84.8 Million Loan Guarantee to Brazilian Airline

April 6, 2012 by Tim Warren|Other U.S.

The board of the Export-Import Bank of the United States approved a Final Commitment for an $84.8 million loan guarantee to VRG Linhas Aereas S.A. (GOL), a Brazilian airline. This financing will support the export of engine maintenance services by Delta TechOps, a subsidiary of Delta Air Lines, headquartered in Atlanta. GOL engines will be shipped from São Paulo City to Atlanta for heavy maintenance to be performed by Delta Air Lines' maintenance, repair, and overhaul unit. In December 2010, GOL signed a contract with Delta Air Lines to perform heavy maintenance on GOL's CFM56-7B engines that are installed on the airline's Boeing 737 next generation aircraft fleet. As part of the contract, Delta TechOps will provide GOL with up to 253 scheduled engine removals and additional unscheduled removals. Ex-Im Bank's guarantee will cover the first two years of GOL’s five-year contract with Delta TechOps.