Northwest Airlines proposes economic terms to keep EETC-financed aircraft

By Caroline Salls

Pittsburgh, Dec. 15 - Northwest Airlines, Inc. and its financial adviser Seabury Group submitted revised proposed economic terms under which Northwest would be willing to retain aircraft financed under the outstanding 1996-1 and 1997-1 EETC structures, according to an 8-K filed Thursday with the Securities and Exchange Commission.

According to the proposals, the agreements would result in a significantly lower effective monthly lease rate and a shorter lease term.

The proposals are subject to approval by Northwest's board of directors and by the U.S. Bankruptcy Court for the Southern District of New York.

Northwest, an Eagan, Minn.-based airline, filed for bankruptcy Sept. 14. Its Chapter 11 case number is 05-17930.

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