SAS Agrees Sale And Leaseback Of 19 Engines

Scandinavian Airlines (SAS) has agreed a deal to sell and lease back 19 spare engines, worth $120m. The airline has co-operated with Dublin-based Willis Mitsui Engine Support and San Francisco-based Willis Lease Finance Corporation, for the sale and leaseback deal. The transactions are divided into four tranches, the first of which has already closed, the remainder is scheduled for the middle of March.  Charles Willis, CEO of Willis Lease Finance Corporation, called the deal a “milestone achievement” not just for its size but also its complexity. Göran Jansson, CFO of SAS Group, said: “Part of our 4XNG plan for a profitable SAS is to increase liquidity from asset sales, and with this partnership and agreement we now deliver the first of our sales initiatives.”

 

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