UK-based tour operator Thomas Cook Group (TCG) is expecting to raise £182.9m through the sale and lease back of its fleet of 17 aircraft.
It comprises of 11 Boeing 757 aircraft, which will be under a sale and lease back agreement with Guggenheim Aviation Partners, as well as six Boeing 767 aircraft with Aircastle Advisor.
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TCG has also agreed in principle to sign sale and leaseback agreements for two further Boeing 767 aeroplanes with Guggenheim.
The sale and lease back agreement with Guggenheim is expected to generate funds of £126.1m and £56.8m with Aircastle.
The current deal is predicted to help the company to improve its balance sheet, as its customers for the summer holidays declined by 1% when compared with the previous year, and is better than the 2% decrease reported the previous month.
Thomas Cook Group chief executive officer Sam Weihagen said the announcement is to strengthen the group’s financial position, with the aircraft disposals providing substantial additional liquidity.
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By GlobalData"As expected, the first half seasonal losses have widened, however summer bookings have improved in recent weeks," Weihagen said.
Boeing 767 aircraft, powered by two Pratt & Whitney PW4000 series engines, can cruise at a height 35,000ft with a speed of Mach 0.80 (530 mph).
The 767 line of aircraft are capable of seating 181 to 245 passengers, and are capable of corresponding design ranges between 10,415 km and 12,223 km.
Boeing said that it has delivered about 1,000 767 aircraft, which are flown by 120 operators around the world.
Image: TCG will sell and leaseback 11 of its Boeing 757 aircraft with Guggenheim Aviation Partners. Photo: courtesy of Thomas Cook Group.
