April 20 (Bloomberg) -- ING Groep NV and DVB Bank AG pulled out of funding the purchase by Ethiopian Airlines of 10 Boeing 787 Dreamliners because of the credit crisis, Reporter said, citing unidentified people familiar with the plan.
ING withdrew from the project while DVB sought higher interest rates and fees, the Addis Ababa-based newspaper said. The airline will now seek alternative financing, it said. Ethiopian Airlines ordered the jets in February 2005 for $1.3 billion, Reporter added.
To contact the reporter on this story: Jason McLure in Addis Ababa via Johannesburg at johannesburg@bloomberg.net.
Last Updated: April 20, 2009 03:26 EDT
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