Etihad has sold off its entire owned fleet of 777-300ER’s and all of its A333 & A332 aircraft for $1 billion. The aircraft are aged anything from 6 to 14 years old.
The leasing company Altitude Aircraft Leasing has purchased all of the aircraft.
The 777-300ER’s will be leased back to Etihad, but the A330’s will all be withdrawn and leased out to new operators over the next 22 months.
Eight A332’s and one A333 will go, effectively withdrawing the type from use, several have already been stored two are leased to Fiji, and two more leased from Avalon, which are expected to be handed back.
Nineteen 777-300ER’s will be sold to Altitude, one is leased from ALC.
The sale raises a substantial sum for Etihad, but it now has to pay the leases every month.
After years of restructuring and huge losses, Etihad is still struggling to correct its portfolio and manage difficult market conditions in a competitive environment.