According to this document, British Airways sold 48 of their aircraft yesterday. In the process, the airline made $750million.
(If the link above doesn’t work, try the one below. The document in question is top of the list, dated 26th May)
However, the aircraft won’t be leaving the fleet. The aircraft have been mortgaged by British Airways in order to raise funds. Acting as trustee is Citibank.
Included in the deal are a number of A320 series as well as Boeing 777 and a single Boeing 787.
Admittedly, the wording of the document is a little above me! However, from what I can gather, it’s essentially like owning a house and needing cash. You sell the house to the bank and take the cash. You can remain living in the banks house provided you keep up the mortgage payments. However, if you start to miss payments, you’ll be evicted and the bank will sell the house to someone else.
If we spin it around to this situation, British Airways needed some cash. It sold the 48 aircraft to the bank, and took the cash. Britsh Airways can continue to utilise the aircraft, provided they keep up the mortgage payments. However, if they start to miss payments, the bank can sell the aircraft to other airlines in order to reclaim their money.
Anyway, the following aircraft are no longer owned by British Airways, and are essentially now leased:
Most of the British Airways fleet is currently parked up around the UK and Europe.
What’s interesting is that the Airbus A319 aircraft listed are scheduled to be retired in the near future. As British Airways have now sold them, could they possibly tell the bank to now keep hold of them? Or will they be bound to keep them in service?
This also shows the airline still owned G-EUNB – which has been operating for Titan Airways for a couple of years now.