Visit Atlantic City
http://admin.travelmole.com/images/stories/2009/images/Easyjet-large_trans%2B%2Beo_i_u9APj8RuoebjoAHt0k9u7HhRJvuo-ZLenGRumA(2).jpg

Published on Friday, November 6, 2020

EasyJet agrees sale and leaseback of more aircraft as it cuts capacity further






EasyJet has said it will cut its flight schedule further following the introduction of new lockdown measures in England and parts of Europe.


The low-cost carrier says it will only run a maximum of 20% of planned flights for the rest of the year.


EasyJet made the statement after announcing it has completed a sale-and-leaseback agreement for 11 more of its aircraft, boosting its finances by a further £130.7 million.


The airline said the new lockdowns in England, France and Germany has forced it to scale back expectations for flight schedules.


In a statement, easyJet said: "Following the UK Government's announcement on Saturday, as well as similar announcements in Germany and France recently, easyJet now expects to fly no more than c.20% of planned capacity for Q1 of Financial Year 2021.


"We remain focused on cash generative flying over the winter season in order to minimise losses during the first half and retain the flexibility to ramp capacity back up quickly when we see demand return."


Following the latest leaseback deal, easyJet now fully owns 141 aircraft - just 41% of its fleet.


The aircraft will be leased back for an average term of 58 months.


The latest deal comes 10 days after easyJet raised more than £305 million through the sale and leaseback of nine Airbus aircraft to two different parties.

At the time, the airline said it 'will continue to review its liquidity position on a regular basis and will continue to assess further funding options, including those that exist in the robust sale and leaseback market'.


Read the full statement here


By Lisa James, Deputy Editor (UK)

Story Image



Your Comments

, be the first to post a comment.
Your email:






Email other comments made to this story


NOTE: Comments are subject to admin approval before being posted.
  • So.....

    Stelios was right after all.

    By Peter M42, Friday, November 6, 2020

Mole Poll
Have you seen a surge in demand for US trips?



LATEST 'MOLE VIDEOS

UKinbound are in Manchester for the Annual Convention - What can you expect?

Qatar moved from red to amber list: Phil Dickinson details the growth plans for the destination

Japan - The bucket list destination - five experts describe a life in the day of a visitor

Lonely Planet launch UK Road trip Guide

Ottawa - Capital of Canada is open for business and ready for visitors

UPCOMING EVENTS
\m