International Lease Finance Corp. (ILFC), the airplane-leasing company owned by American International Group that is the biggest customer of both Boeing and Airbus, said it is borrowing $6.5 billion in emergency funding, the maximum amount allowed under its three credit lines.

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Aerospace

International Lease Finance Corp. (ILFC), the airplane-leasing company owned by American International Group that is the biggest customer of both Boeing and Airbus, said it is borrowing $6.5 billion in emergency funding, the maximum amount allowed under its three credit lines.

The cash, coupled with revenue from operating activities, will be “sufficient to meet its debt obligations into the first quarter of 2009,” the Los Angeles-based company said in a regulatory filing.

“ILFC needs liquidity to survive, and this is its final source of liquidity,” said David Havens, a credit analyst at UBS in Stamford, Conn. “This ups the volume on the need for ILFC to be sold to a well-financed buyer.”

Biotechnology

New company raises $10 million

Cocrystal Discovery said Friday it has raised $10 million in a private placement led by the Miami-based Frost Group.

The newly formed Seattle company was founded by Gary Wilcox, former Icos executive vice president; former Icos researcher Sam Lee; and Roger Komberg, a Stanford biology professor who was awarded the Nobel Prize in chemistry in 2006.

It will focus on viral diseases, seeking to develop antiviral compounds that target replication enzymes. The company, with Wilcox as CEO, will initially focus on hepatitis and influenza.

Software

Japan: Microsoft has violated law

Japan’s Fair Trade Commission told Microsoft to void clauses that it said violated antimonopoly law in contracts with Japanese personal computer makers.

Microsoft had contracts with Japanese PC makers with clauses that blocked them from taking legal action over patents involving the Windows operating system, the commission said in a Thursday statement.

On July 13, 2004, the FTC told Microsoft to remove the anti-lawsuit clauses. The company excluded the conditions from new contracts effective Aug. 1, 2004, but clauses in contracts concluded before the watchdog’s order are still in force, the commission’s statement said.

“We are now reviewing the decision,” Kazunori Ishii, a Tokyo-based spokesman at Microsoft, said Friday.

Corporate governance

Icahn gives Yahoo some advice

Yahoo, the Internet company that rejected a $47.5 billion offer from Microsoft, still needs to work with the software maker to compete with Google, Yahoo director Carl Icahn told cable-business news channel CNBC on Friday.

“Yahoo is a really great company, but eventually they have to do something with Microsoft,” Icahn said. “Eventually they have to do it or Google’s going to kill them.”

Yahoo Chief Executive Officer Jerry Yang fended off a proxy fight with Icahn, who had pushed for a deal with Microsoft, by giving the billionaire investor three board seats. After spurning Microsoft’s bid, Yahoo made plans to show some ads sold by Google in an effort to boost sales and cash flow.

Icahn told CNBC that he’s received material from the company ahead of a board meeting.

Yahoo spokeswoman Diana Wong didn’t immediately return a call from Bloomberg News seeking comment.

Yahoo, owner of the second most popular group of U.S. Web sites, slipped 93 cents Friday to close at $19.89. The stock has lost 14 percent this year.

Information from Bloomberg News, Seattle Times staff and The Associated Press