Debt-ridden Air Berlin to sell eight aircraft

“The sale is expected to result in a profit,” airline says

In an effort to cut its debt, Air Berlin has decided to sell eight of its planes by the end of the year, saving around €300 million. It currently has a fleet around 150 aircraft but the majority are leased. It owns 26 planes.
“The sale is expected to result in a profit,” the airline explained. “Both the equity ratio and the liquidity position will noticeably benefit from the transaction.” In cost cuts already implemented, Air Berlin – which has not had a full-year operating profit since 2007 – has cut unprofitable routes and postponed aircraft orders. But net debt remained high in H1 2012, at €812 million.