AAR sells 10 aircraft to Malaysian Airline System
Wood Dale-based AAR Corp. and its joint venture partner have completed the sale of 10 Boeing 737-400 aircraft to Malaysian Airline System Berhad.
AAR announced the sale last November and said it is consistent with the company's goal to reduce its investment in aircraft leasing. AAR's portfolio now includes four aircraft held in joint ventures and two aircraft that are wholly-owned. At its peak in 2007, the Company held a total of 42 aircraft in its joint venture and wholly-owned portfolios.
The transaction closed during the third quarter and will generate net cash proceeds of approximately $20 million and a modest recorded gain during the company's current fiscal year. Due to joint venture accounting, there will be no impact on reported sales.
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