Cyprus Airways to sell A320 aircraft

Cyprus Airways Public Ltd (CAIR) announced the signing of a Letter of Intent with TPG Credit Management L.P for the sale of one of its older A320 aircrafts to a company controlled by TPG and Universal Asset Management, for a total consideration of $5.6 mln. The letter of Intent includes the Company’s option to sell to the Buyer and the Buyers obligation to acquire two more A320 aircrafts at the same price. The Company’s obligations are subject to the preparation of a final sale agreement with the Buyer and the approval of the agreement by the Board of Directors. Upon finalization of the agreement, the Company will enjoy profit of EUR1.8 mln per aircraft.