The German airline TUI, announced today (03/08) that it carried out the sale and leaseback of five Boeing 737 MAX 8 aircraft.
The value of the deal is estimated at US$ 226 million, which is equivalent to the price of two aircraft of the same model leaving the factory. The deal, however, will result in financial relief in the company's cash.
Each Boeing 737 MAX 8 plane costs an average of US$ 110 million when purchased new.
The company stated that the sale of the 737 MAX aircraft that were planned for delivery in 2021 are part of its approach to “asset rights” the property.
TUI will use the money to create more liquidity for the company's cash. This allows operations to resume successfully throughout 2020 and 2021.
Also to ease cash, the airline is planning to lay off around 8000 employees to ease its payroll. In addition to personnel cuts, it needs to reduce its operating costs by 30%, which include fleet and daily operating costs.
