Africa: Kenya Airways to earn billions in sale of 7 aircraft

Kenya Airways is selling seven planes and an engine in a multi-billion shilling deal that marks the carrier’s latest efforts to reduce its fleet in a bid to shore up its financial position.

The loss-making carrier has hired UK-based Air Partner to guide it in the planned sale of the six Boeing 787-8 Dreamliner planes, one Boeing B777-300 and a spare GE engine at a time when a shortage of pilots is forcing the airline to cancel flights and trim routes.

Kenya Airways (popularly known as KQ) will lease back the aircraft after selling them, according to contract documents between the airline and Air Partner seen by the Business Daily, signalling that it does not intend to see the plane sale hurt its routes.

“Kenya Airways is conducting a series of sale and leaseback transactions covering 6 x B787-8, B777-300 and GEnx spare engine,” said the contract document.

“KQ has requested Air Partner to conduct a desktop review addressing a series of questions around these sale and leaseback transactions.”

By BONFACE OTIENO
Source: businessdailyafrica.com

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