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China's Hainan airlines, unit to unload 18 planes to lighten debt

06/14/2019| 6:18:44 PM|

This move will improve the air carrier's debt structure and streamline its fleets.

Hainan Airlines Holding, China's largest civilian-run air transport company, decided to sell off a total of 18 planes, which are owned by it or its unit, to recoup nearly CNY3 billion (USD434 million).

This move will improve the air carrier's debt structure and streamline its fleets, it said in a statement.

The Haikou, Hainan province-based airline will transfer four A319 aircraft and eight B737-800 planes, all self-owned and with an average service life of over 10 years, to HNA Aviation (Hong Kong) Holdings, while its subsidiary Air Chang'an plans to sell four of its A319 planes to the same firm in transactions whose total value is about CNY2.8 billion, per the transfer agreement jointly signed by Hainan Airlines, the buyer and other relevant parties.

Hainan Airlines will also hand over two B737-800 planes, whose respective service life is nearly 20 years, to NAS Investments, registered in the US state of Delaware, in a deal valued at USD25.8 million (USD3.75 million).

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TAGS: Hainan Airlines | aircrafts | debt
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