Monday Jul 07 2008
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China East Air to sell, lease back 3 aircraft
Published: Jul 07, 2008
China Eastern Airlines has agreed to sell three Airbus A340 series aircraft to ICBC Financial Leasing Co., Ltd. and then lease back the aircraft from ICBC Financial Leasing.
The consideration of the sale will be an aggregate amount which is equivalent to the unaudited book value of the aircraft as at the completion date. As at 27 June 2008, the unaudited book value of the aircraft was RMB1.29 billion.
The term of the leasing is 72 months. The rental fee and handling fee for each aircraft is RMB20 million per quarter.
China Eastern Airlines expects that the transactions may improve the allocation and use of the company's fixed assets, create new channel for the finance arrangement of the company and enhancing the company's cash flow position.
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