Bloomberg News

Cyprus Airways to Sell 2 A319 Planes to GECAS for $30.5 Million

March 12, 2012

Cyprus Airways Ltd. (CAIR), the island country’s state-controlled carrier, said it signed a letter of intent to sell two Airbus A319 planes to GECAS Asset Management Services Inc. for a total of $30.5 million.

A sales and purchase agreement for the two short-to-medium range aircraft with GECAS, a unit of GE Capital, will be signed when final terms are concluded and approved by the airline’s board, the Nicosia-based carrier said today in a filing to the Cyprus Stock Exchange.

Cyprus Airways said on Feb. 29 it had a pretax loss of 18.8 million euros ($24.6 million) in 2011, widening from a loss of 3 million euros a year earlier.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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