Cabot Aviation arranges $6m A320 sale for Cyprus Airways

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Cyprus Airways has completed the sale of aircraft A320-200 to Myanmar Airways International in a transaction arranged by Cabot Aviation.

Myanmar Airways International acquired the 1992-vintage built aircraft for $6 million and paid in cash.

The aircraft, MSN 295, is powered by V2500-A1 engines. It is the sixth aircraft Cabot Aviation arranges on behalf of Cyprus Airways. Cabot has now one aircraft, MSN 256, left for sale.

Cypus Airways says the sale will result in the company accounting profit €1.6 million and will derive a significant benefit in improving its liquidity and its capital base.

Myanmar Airways International now operates a four-A320 fleet with V2500-A1 engines. The carrier currently leases two ex-Adria Airways A320s from Global Finance and Lease and an ex-Cyprus Airways aircraft that was purchased by Phoenix Aircraft Malaysia last October.