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Air Berlin, ICBC agree $700 million aircraft deal

Germany's second-biggest airline after Lufthansa said on Thursday the deal covers six used narrow-body aircraft as well as 12 planes the carrier has ordered but not yet received.

DNA Web Team

Updated : Mar 30, 2018, 03:45 AM IST

Air Berlin, ICBC agree $700 million aircraft deal

Air Berlin said it signed a $700 million deal with a unit of Industrial and Commercial Bank of China to sell or sell and lease back a total of 18 narrow-body aircraft.

Germany's second-biggest airline after Lufthansa said on Thursday the deal covers six used narrow-body aircraft as well as 12 planes the carrier has ordered but not yet received.

The deal "creates a solid and trustful basis for additional future business between (Air Berlin and ICBC) and we are looking forward to develop it," Air Berlin chief financial officer Ulf Huettmeyer said in a statement.

Air Berlin earlier this month said it will cut its fleet of aircraft by seven planes next year to cope with the burden of an air passenger tax due to be imposed in Germany from 2011.

Irish low-cost carrier Ryanair has also said it will cut capacity at its German base Hahn.

At the end of September, Air Berlin had 169 planes, including 65 Boeing 737s and 49 Airbus A320.

As part of the agreement with ICBC, Air Berlin is selling 10 planes -- four Boeing B737-800 aircraft and six Airbus A320-200s -- as well as selling and leasing back two Airbus A319-100s, two A320-200s and four Boeing 737-800s.

Most parts of the deal will be executed in 2011 and 2012, Air Berlin said.

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