Tuesday, January 11, 2011

FedEx inks deal to buy 4 ex-Transmile MD-11F's

Financially troubled Malaysian cargo carrier Transmile Air Services has agreed to sell four Boeing MD-11 freighter aircraft to FedEx for $68 million to help pay off its debt.

Proceeds from the sale will be used by the carrier's parent Transmile Group to partially repay its lenders, says the airline, adding that the funds would reduce the company's debt by up to 39% to 320.1 million ringgit ($104.2 million).

The four MD-11Fs are "not revenue generating and have been left idle since April 2008", adds the carrier. "The group is unable to verify any viable routes to put the aircraft to service," it says.

According to Flightglobal's ACAS database, the four aircraft were built in 1991 to 1992.

(Ghim-Lay Yeo - Air Transport Intelligence News)

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