Audio By Carbonatix
Hong Kong’s Cathay Pacific Airways Ltd on Monday said it would sell six Boeing 777-300ER aircrafts and its associated equipment for $703.8 million to BOC Aviation Ltd.
The sale will enable Cathay Pacific to realize cash which will be used towards its general working capital requirements, the company said in a statement.
The carrier last week warned of a substantial loss in the first half of the year and flagged more cuts in flights due to the “unprecedented challenge” from the coronavirus outbreak that has forced it to ground more than half of its fleet.
Cathay said it would lease the aircrafts back from BOC Aviation.
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