Thank you for your explanation jmc man. I didn't appreciate the subtle difference in the finance for an AOC and an Operating Licence.
So, in other words, the grant of an AOC does not automatically mead they will get finance for an Operating Licence? I.e they might still have to rattle the tin to get the airline going albeit on a surer footing than previously.
Out of interest Flight International today had an advertisement for an airline requiring START-UP finance. The ad. specifies that an 'AOC application in place' and a requirement for $8m finance to launch the project. The airline mentions flights to N. America so I guess it is nothing to do with Now Airlines.
However, I have not seen such an ad before. I guess is is a sign of the times that finance is really hard to come by unless you really know what you are doing!
See what transpires after the proving flight.