January 3, 2008 in Business

Vietnamese companies order 787s from Boeing

From Wire Reports The Spokesman-Review
 

Boeing Co.has finalized an order for 12 of its new midsize, long-range 787 Dreamliners from Vietnam Airlines and Vietnam Aircraft Leasing Co., the jet maker said. Financial terms of the deal were not disclosed.

Chicago-based Boeing, which assembles its commercial planes in the Seattle area, said the 787-8s were worth about $2 billion at list prices, though customers typically negotiate substantial discounts.

Vietnam Airlines will buy four of the planes, and Vietnam Aircraft Leasing Co. will purchase eight and lease them to Vietnam Airlines.

The latest orders, which will be added to the 2007 order total Boeing is set to release today, push the 787 order tally to 802.

The 787 will be the first large commercial jetliner made mostly of carbon-fiber composites rather than aluminum. Boeing is scheduled to begin test flights in the next few months and deliver the first plane by the end of the year, after early supply-chain and production problems forced a six-month delay.

Vietnam Airlines is scheduled to take delivery of its first Dreamliner in 2009.

Federal-Mogul Corp., a major auto-parts supplier, said Wednesday it has emerged from Chapter 11 bankruptcy-court after more than seven years.

Southfield, Mich.-based Federal-Mogul, which declared bankruptcy in October 2001, said in a statement that it emerged from Chapter 11 protection Dec. 27 and plans a public listing of its shares.

“We begin 2008 with confidence in our future, and we are well positioned with our global strategy for sustainable profitable growth,” Federal-Mogul CEO Jose Maria Alapont said.

As part of its reorganization plan, Federal-Mogul issued 49.9 million Class A common shares to holders of its pre-bankruptcy notes and certain other unsecured claims. It also issued 50.1 million Class B common shares.

The company said it intends in the near term to have its Class A stock listed.

Pizza Hut is turning the 2008 election campaign into an ad campaign. The Yum Brands Inc. subsidiary has released a new commercial for low-priced pizza featuring sound clips of the presidential delegates and asking viewers to “please vote” just as the primary voting season is set to blast off.

The 30-second commercial uses a bewildering series of snippets of debate chatter to try and answer the questions, “What is your plan to improve the U.S. economy?” and “Are people seeing lower prices now?” The ad, which is airing nationwide, then asks viewers if they are “Confused?” and presents a Pizza Hut pie as an easy cost-saving choice.


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