AAR and its joint venture partner have completed the sale of 10 Boeing 737-400 aircraft to Malaysian Airline System Berhad (MAS), which the Company announced in November 2012. The sale is consistent with the Company’s stated goal to reduce its investment in aircraft leasing. AAR’s portfolio now includes four aircraft held in joint ventures and two aircraft that are wholly-owned. At its peak in 2007, the Company held a total of 42 aircraft in its joint venture and wholly-owned portfolios. The transaction closed during the third quarter and will generate net cash proceeds of approximately $20 million and a modest recorded gain during the Company’s current fiscal year 2013. Due to joint venture accounting, there will be no impact on reported sales.
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Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada
[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada