MAS acquires 737-400s at $6.4m each
Malaysia Airlines (MAS) has entered into an aircraft sale agreement with Bank of Utah for the buyback of 10 used Boeing 737-400 aircraft.
MAS currently leases and operates the 10 used Boeing 737-400 aircraft from under separate aircraft lease agreements with AAR Aircraft Sales and Leasing.
Bank of Utah acts not in its individual capacity but solely as owner trustee on the aircraft batch.
These aircraft are scheduled to be returned in 2012 but due to high maintenance costs to re-deliver these aircraft in order to meet re-delivery conditions coupled with MAS' network requirement to support domestic routes while waiting for new 737-800 deliveries from Boeing, MAS has decided to buyback these leased aircraft directly from Bank of Utah.
The aircraft will be used until the end 2014, says the Malaysian carrier, and will be disposed thereafter.
MAS says the $64 million capital expenditures will be depreciated until the end of 2014.
According to Flightglobal's Ascend online database, MAS operates 12 737-400s under leases with AAR Aircraft Sales and Leasing. A total of 10 aircraft were built between 1992 and 1993. Two more aircraft were manufactured in 1994 and 1997.
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