GATX to reduce aircraft portfolio by $450 million

GATX Corporation announced a plan to focus its aircraft leasing portfolio around its newer, more profitable aircraft. As part of this plan, GATX announced its intent to sell up to $450 million of older aircraft assets (including wholly owned and joint venture aircraft), or approximately 23% of its current air portfolio. In conjunction with this plan, GATX anticipates reporting after-tax, non-cash charges in the range of $110-$130 million in the fourth quarter of 2005. Sales of targeted aircraft are expected to be substantially complete by the end of 2006. Incremental gains or losses may occur as aircraft sales are completed.

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Republic Airways November traffic shows 52% growth

Republic Airways Holdings Inc. reported for November 2005 434 million revenue passenger miles (RPMs), a 52.1% increase over the same month last year, while available seat miles (ASMs) increased to 632.5 million, a 52.2% increase. Load factor was 68.5% versus 68.6% in November 2004. A total of 778,845 passengers were carried during the month, a 19.0% increase over the same month last year.

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WestJet converts options and rights for seven Boeing 737s to firm orders

WestJet received Board approval to purchase four additional Boeing Next-Generation 737 aircraft by converting purchase options with Boeing into a firm delivery. The 737 aircraft are scheduled to be delivered in 2007. WestJet will also exercise purchase rights for additional three 737 Next-Generation aircraft in 2008.

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CIT announces purchase of ten new Boeing 737s

CIT Group Inc. will purchase ten new Boeing 737-800 aircraft from Delta Air Lines upon the delivery of the aircraft by Boeing to Delta. The total dollar value of the aircraft is approximately US $600 million, based on current list prices. The ten aircraft are currently part of Delta’s existing order backlog with Boeing. Nine of the aircraft will be delivered in 2007 and one in 2008. The sale of the aircraft was approved by U.S. Bankruptcy Court presiding over Delta’s Chapter 11 bankruptcy proceedings.

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