AVIC I lines up bidding money

China Aviation Industry Corp I (AVIC I) is "sparing no effort" to bid for Airbus' six European production plants, a top executive of the company said yesterday.

"We have received approval from the government and have lined up all the capital needed. More than two banks have provided (financial) support to us," said Lin Zuoming, general manager of AVIC I.

AVIC I, a long-time subcontractor of Airbus, said during the Paris Air Show last month that it would invest in or buy the six plants Airbus plans to sell.