USAIR IS SELLING 11 Boeing 737-300s to General Electric Capital (GECC). Terms of the transaction have not been disclosed.
The financially ailing US carrier says that the aircraft sale is part of a plan to cut operating costs by at least $1 billion annually.
It says that removal of the aircraft reduces the cost of ownership. The aircraft, which are part of USAir's operating fleet, are scheduled to be delivered to GECC by November.
In 1994, USAir Group scored one of the biggest annual losses in its corporate history, reporting net losses for the year of $685 million. It deferred for a year the purchase of eight Boeing 757s scheduled for delivery in 1996.
Meanwhile, no progress is reported in cost-cutting negotiations with three major labour unions.
Source: Flight International
