Emirates signs sale and lease-back deal on Boeing 777-200

Airline Industry Information, Oct 14, 2004

AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD

Dubai-based Emirates Airlines has announced the completion of an agreement for the sale and lease-back of a Boeing 777-200 aircraft worth USD78m with the Emirates Bank Group.

Emirates acquired the aircraft in 1996 and has paid out the original lease in full. The aircraft was recently refurbished and Emirates added the new MAS 3000i IFE system to replace the older IFE system. The deal will provide the airline with fresh liquidity which will be used to manage its overall aircraft portfolio.

The new lease is spread over four years and was arranged and funded by the Emirates Bank Group. A spokesperson for Emirates Airlines said that it was grateful for the complete support of Emirates Bank Group and that this was the first time the airline had completed a sale and lease-back of an existing fleet aircraft, reports AMEInfo.

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