SAS sells as Norwegian profits up / News / The Foreigner

SAS sells as Norwegian profits up. Scandinavian Airlines signs an increased liquidity agreement for sale and leaseback of 19 spare engines for speeding along the airways after Norwegian. The announcement comes after the carrier narrowly-avoided bankruptcy in a nail-biting eleventh-hour agreement last year. SAS subsequently reported it would be embarking on a major sales and restructuring drive. Those concluding the USD 120 million deal with SAS are San Francisco-based Willis Lease Finance and Willis Mitsui Engine Support located in Dublin. The four-phased transaction is to be completed in March.

sas, norwegian, norwayairlines



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SAS sells as Norwegian profits up

Published on Friday, 1st March, 2013 at 07:24 under the news category, by Shruti Chauhan and Michael Sandelson   .

Scandinavian Airlines signs an increased liquidity agreement for sale and leaseback of 19 spare engines for speeding along the airways after Norwegian.

A Norwegian plane
A Norwegian plane
Photo: Mariusz Basiak AG/Norwegian


The announcement comes after the carrier narrowly-avoided bankruptcy in a nail-biting eleventh-hour agreement last year. SAS subsequently reported it would be embarking on a major sales and restructuring drive.

Those concluding the USD 120 million deal with SAS are San Francisco-based Willis Lease Finance and Willis Mitsui Engine Support located in Dublin. The four-phased transaction is to be completed in March.

Calling it a part of their 4XNG plan, SAS Group CFO Göran Jansson says “We are very glad and proud to enter into this long term partnership with Willis and Willis Mitsui.” said Göran Jansson, SAS Group CFO.

“Willis is one of the world’s largest engine lease companies and a quality brand in the industry,” he added in the statement.”

Meanwhile, low-price competitor Norwegian reported a pre-tax profit of USD 79.88 million (about NOK 457 million) for 2012.

Total revenue last year was USD 2.25 billion (roughly 12.9 NOK billion), up 22 percent. 17.7 million passengers travelled with the carrier in 2012, an increase of 2 million on the year before.

The airline also bought 13 Boeing 737-800s. It will purchase an additional 14 and three Boeing 787 Dreamliners.

“The fleet renewal gives Norwegian a major competitive advantage in a market where several airlines are struggling with aging fleets and high fuel costs. New, more, environmentally friendly aircraft also give our passengers a much better product, which reflects our strong passenger figures throughout 2012,” declared CEO Bjørn Kjos in a statement last month.




Published on Friday, 1st March, 2013 at 07:24 under the news category, by Shruti Chauhan and Michael Sandelson   .

This post has the following tags: sas, norwegian, norwayairlines.





  
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