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Thu, Dec 04, 2008

American Eagle Sells Off 39 ATR 72s To Danish Companies

Regional Carrier Will Continue Operating Planes On Leaseback

Nordic Aviation Capital A/S and KIRK Kapital A/S announced Tuesday an agreement for a sale and leaseback transaction with AMR Leasing Corporation for 39 ATR 72 aircraft operated by Executive Airlines, which does business as American Airlines' regional subsidiary American Eagle.

AMR Leasing Corporation will sell the 39 ATR 72 aircraft to an entity that will lease the aircraft to NK Aviation Limited, Ireland, a newly formed joint venture between NAC and Kirk Kapital A/S. Executive Airlines will lease the aircraft back through a sublease structure and will continue to be the operator of the aircraft. NAC will be the servicer for the aircraft.

The deal is worth approximately $200 million in immediate cash for American, reports The Associated Press.

Nordic Aviation Capital's current fleet of nearly 80 aircraft includes, Boeing 737, MD83, CRJ200, ATR 42, Bombardier Dash 8 and Fokker 50 and Saab 2000 aircraft. Our customers include US Airways, SAS, TACA, Wideroe, Cimber Air and Air Baltic.

FMI: www.aa.com

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