United Airlines sells, leases back aircraft in bid to conserve cash

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The holding company above United Airlines will sell and lease back 22 planes to Bank of China Aviation (BOC Aviation), for an undisclosed sum.

The deal comprises six Boeing 787-9 aircraft and 16 Boeing 737-9 MAX aircraft from United Airlines, according to a BOC Aviation statement filed to the Hong Kong Stock Exchange on Sunday.

According to the terms of the transaction, the planes will be leased back to United Airlines on long-term agreements. The deal is expected to close sometime this year.

Singapore-based BOC Aviation is a global aircraft operating leasing company providing a fleet of 567 aircraft to 92 airlines in 40 different countries.

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